Copper futures plummet over 3%
By Richard Fu |
June 5, 2012, Tuesday
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Print Edition
Print Edition
SHANGHAI copper futures fell more than 3 percent yesterday as disappointing data in China and the United States added to concern that the slowing global economy will depress demand for the industrial metal.
The most active September contract settled at 52,770 yuan (US$8,290) per ton on the Shanghai Futures Exchange yesterday, down 1,700 yuan, or 3.1 percent. It declined to as low as 52,330 yuan at one stage.
"We noticed higher trading volume, and this shows an influx of shorts," said Ruida Futures analyst Lin She. "Market sentiment is pretty weak with any small negatives likely to trigger a big sell-off."
China's non-manufacturing activities index posted its slowest expansion in May, according to official data released on Sunday, adding to evidence of a slowing economy. US employers created fewer jobs than estimated in May, according to US Labor Department data released on Friday.
The Shanghai contracts trailed declines on the London Metal Exchange, where three-month copper dropped US$64 to US$7,301 a ton last Friday.
The LME is closed for a holiday yesterday and today.
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