Copper Tumbles To 2010 Levels 12:00 PM ET 3/11/14 | Briefing Recent action saw the Dow Jones Industrial Average (-0.1%) and the S&P 500 (-0.1%) slide into the red while the Nasdaq (+0.1%) remains above its flat line. The selling observed during the past 30 minutes took place as the financial sector (-0.4%) dropped to a session low. In addition, the two commodity-linked sectors, energy (-0.6%) and materials (-0.5%) played a role in the weakness. Copper futures have been retreating steadily since the start of the year, but the slide has accelerated notably in March following disappointing trade data from China and news of the first corporate default in the Middle Kingdom. Today, copper futures trade lower by 2.5% at $2.956/lb, and are down 7.3% so far in March. The recent weakness is noteworthy considering the base metal now trades at levels last seen in mid-2010. Furthermore, copper is often used as a gauge of global economic activity due to its wide application.
Posted on: Tue, 11 Mar 2014 16:13:54 +0000
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