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MTECHTIPS:- Copper falls to 7-month low as global slowdown fears weigh
Copper futures traded at their lowest level since mid-December during European morning hours on Monday, as investors cut their exposure to growth-linked assets following Friday’s disappointing U.S. employment data, which added to fears over weakening global growth prospects.On the Comex division of the New York Mercantile Exchange, copper futures for July delivery traded at USD3.264 a pound during European morning trade, tumbling 1.5%.It earlier fell by as much as 2.3% to trade at USD3.238 a pound, the lowest since December 15, 2011.Appetite for growth-linked assets weakened after the Department of Labor said Friday that the U.S. economy added just 69,000 jobs in May, the smallest increase in a year and far below expectations for a gain of 150,000. The unemployment rate unexpectedly ticked up to 8.2% from 8.1%, the first increase in 11 months.
Copper futures traded at their lowest level since mid-December during European morning hours on Monday, as investors cut their exposure to growth-linked assets following Friday’s disappointing U.S. employment data, which added to fears over weakening global growth prospects.On the Comex division of the New York Mercantile Exchange, copper futures for July delivery traded at USD3.264 a pound during European morning trade, tumbling 1.5%.It earlier fell by as much as 2.3% to trade at USD3.238 a pound, the lowest since December 15, 2011.Appetite for growth-linked assets weakened after the Department of Labor said Friday that the U.S. economy added just 69,000 jobs in May, the smallest increase in a year and far below expectations for a gain of 150,000. The unemployment rate unexpectedly ticked up to 8.2% from 8.1%, the first increase in 11 months.
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