Economics
Copper Falls First Time in Four Days as Euro Services Ebb
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Copper fell for the first time in four sessions in New York as output from the services industry shrank in Europe and U.S. investors increased bearish wagers on the metal.
An index of activity in euro-area services was at 49.8 for July, London-based Markit Economics said today. A reading below 50 indicates contraction. Money managers more than doubled their net-short position, or bets on lower copper prices, to 26,924 Comex futures and options contracts as of July 30 from the prior week, U.S. Commodity Futures Trading Commission data show. The dollar rose for the second time in three sessions against the euro.