Copper Traders Most Bearish Since June on Economies: Commodities
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Copper traders are the most bearish in four months on mounting concern that demand for industrial metals will weaken as growth slows from China to Europe.
Fourteen analysts surveyed by Bloomberg said they expect prices to drop next week and seven were bullish. A further 10 were neutral, making the proportion of bears the highest since June 1. Copper supply will outpace demand by 458,000 metric tons in 2013, the first glut in four years and the biggest in more than a decade, according to the Lisbon-based International Copper Study Group, whose members include 23 nations.