Economy

Copper price falls

(China Daily)
Updated: 2011-02-24 11:12

SINGAPORE - Copper declined to the lowest level in almost a month on concern that escalating geopolitical tensions may derail the economic recovery.

Three-month copper on the London Metal Exchange (LME) fell for a third day, dropping as much as 1.3 percent, to $9,459.75 a ton, the lowest level since Jan 28. It last traded at $9,468.75 at 2:23 pm in Singapore on Wednesday. All six LME metals declined, paced by a 1.8 percent drop in nickel.

Related readings:  Copper leads stock advance  Global copper demand to outpace supply  High prices and low credit hamper copper stockpiles

"Metals are being dragged lower by the risk aversion seen in the other financial markets," said Li Peiying, an analyst at Essence Futures Co.

"If high oil prices persist, governments around the world may be more friendly toward raising interest rates," said Zhang Xuechuan, an analyst at Huachuang Securities Co.

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