(Bloomberg) -- Copper futures in New York dropped to
a seven-week low after a report showed production of the metal
outpaced demand in the first quarter.
Output topped consumption by 99,000 metric tons, the Ware,
England-based World Bureau of Metal Statistics said today. The
copper surplus in 2006 was 352,000 tons, the group said. Prices
for the metal used in pipes and wires have dropped 19 percent
from a record in May 2006 as miners ramped up production and
U.S. economic growth slowed.
Read more at Bloomberg Commodities News
a seven-week low after a report showed production of the metal
outpaced demand in the first quarter.
Output topped consumption by 99,000 metric tons, the Ware,
England-based World Bureau of Metal Statistics said today. The
copper surplus in 2006 was 352,000 tons, the group said. Prices
for the metal used in pipes and wires have dropped 19 percent
from a record in May 2006 as miners ramped up production and
U.S. economic growth slowed.
Read more at Bloomberg Commodities News
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