Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Copper Falls on European Woes, U.S. Fiscal-Cliff Concerns

Nov. 14 (Bloomberg) -- Copper futures fell for the first time in three days on signs of a deepening slump in Europe and concern that the so-called fiscal cliff will hinder an economic recovery in the U.S.

Euro-area industrial production in September dropped the most in three years, led by double-digit declines in Portugal and Ireland, data showed today. President Barack Obama is negotiating to reach a deficit-reduction deal with Congress to avert $607 billion in automatic tax increases and spending cuts.

“There was some not-very-good data out of the euro zone, and markets are going to have a tough time until this fiscal cliff is resolved,” Matt Zeman, a strategist at Kingsview Financial in Chicago, said in a telephone interview. “I can’t imagine there will be a whole lot of upside until there’s a resolution.”

Copper futures for March delivery declined 0.5 percent to settle at $3.465 a pound at 1:12 p.m. on the Comex in New York. The contract rose 0.8 percent in the previous two days.

On the London Metal Exchange, copper for delivery in three months fell 0.5 percent to $7,640 a metric ton ($3.47 a pound). Aluminum dropped, while zinc, nickel, lead and tin gained.

To contact the reporters on this story: Joe Richter in New York at jrichter1@bloomberg.net; Maria Kolesnikova in London at mkolesnikova@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.