Markets went from bad to worse on Friday night with Copper down 6.9% and Nickel falling 8.8%. It is uncertain if the current decline in markets maybe just the beginning. Prices will be reissued again tomorrow.
23 Sep 2011 20:16 GMT
MARKET TALK: China May Not Rescue Battered Copper Market (Dow Jones)
Copper’s plunge to a series of 2011 lows had some analysts who crunch supply-and-demand data scratching their heads. Supply of the industrial metal is still expected to fall short of demand as top consumer China rumbles along, the argument goes, and the 17% decline this week is evidence of traders dumping metals to raise cash and little else. But some market participants aren’t so sure China will cure what ails the market. Buyers have “decided that they’re going to hunker down and sit on their hands,”relying on low inventories and waiting for further price declines, an analyst says