Copper Falls on Concern About European Debts, China Tightening

Copper fell in New York and London, heading for a third weekly drop, on renewed concern that Europe’s sovereign-debt crisis may spread and speculation that China might tighten monetary policy.

Borrowing costs for Europe’s most indebted nations are at record highs as Ireland’s capitulation in accepting a bailout of its banking industry stokes concern that other countries also will have to seek aid. China’s benchmark money-market rate rose to the highest level in almost two months on speculation policy makers will raise borrowing costs.

“Fears that euro-zone problems will spread are pushing demand for copper down for the third week,” John Meyer, an analyst at Fairfax IS in London, said in a report. “Additionally, speculation on the Chinese commitment to curb the flow of so-called hot money is holding the metal back today.”

Read Full Article from BusinessWeek

- Posted: 2010-11-26 09:21:31

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