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Copper, gold slide in broad commodities sell-off

Posted on 03 October 2008

From Theaustralian.news.com.au: Copper slipped nearly 6 per cent on economic woes while a sell-off in gold was sparked by US dollar gains and a need to raise cash. Copper futures extended their year-and-a-half lows as worsening sentiment on the global economy painted an increasingly dismal picture of demand for the red metal.

Comex December copper contract fell US16.2c, or 5.8 per cent, to settle at $US2.6275 a pound. “The whole economic malaise is indicative of declining demand for commodities,” said Bill O’Neill, a principal with Logic Advisors. “Copper also is an economic commodity, a reflection of the economy.” …. Full Article: Source


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