-
- News
- Books
Featured Books
- smt007 Magazine
Latest Issues
Current IssueBox Build
One trend is to add box build and final assembly to your product offering. In this issue, we explore the opportunities and risks of adding system assembly to your service portfolio.
IPC APEX EXPO 2024 Pre-show
This month’s issue devotes its pages to a comprehensive preview of the IPC APEX EXPO 2024 event. Whether your role is technical or business, if you're new-to-the-industry or seasoned veteran, you'll find value throughout this program.
Boost Your Sales
Every part of your business can be evaluated as a process, including your sales funnel. Optimizing your selling process requires a coordinated effort between marketing and sales. In this issue, industry experts in marketing and sales offer their best advice on how to boost your sales efforts.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - smt007 Magazine
Copper Hits Lows on Equity Drop
August 31, 2009 |Estimated reading time: 1 minute
NEW YORK Reuters reports that U.S. copper futures extended a pull-back from last week's 11-month highs on August 31, as a sharp plunge in Chinese and U.S. equity markets curbed economic recovery hopes, and a firmer dollar combined to drag prices down to one-week lows.
Reuters reports in the story, "Econ worries drag US copper down from 11-mth highs":Benchmark copper for December delivery HGZ9 dropped 9.80 cents, or nearly 3.3%, to $2.8525 a lb by 10:09 a.m. EDT on the New York Mercantile Exchange's COMEX division. Range was from $2.9890 to $2.8320, its lowest level since August 21. On Friday, the December contract had climbed to a 11-month peak at $2.9895.
COMEX estimated copper volumes at 10,200 lots by 9 a.m. COMEX copper tracks sharp plunge in Chinese equity markets and a 3% fall in Shanghai copper prices. The dollar was up against a basket of currencies .DXY, making dollar-denominated metals, such as copper, more expensive for non-U.S. investors.
Chilean copper production amounted to 427,018 tonnes in July, down 1.3 percent from the same month last year. Shanghai copper stocks hit a two-year peak at 86,825 tonnes on Friday.
London Metal Exchange (LME) closed Monday for a holiday. Business will resume on Tuesday. LME warehouse stocks rose by 1,375 tonnes to 298,925 tonnes on Friday. COMEX copper warehouse stocks were unchanged at 52,981 short tons as of Friday. LME copper for three-months delivery MCU3 settled at $6,475 a tonne on Friday, after hitting an 11-month peak at $6,549.
Reporting by Chris Kelly; editing by Lisa Shumaker, Reuters. For more on this story, read Economic recovery worries spark US copper sell-off.