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Copper Drops Back to $3.01 Leading Metals Lower

Copper trimmed its first weekly gain since August amid worry that European economies are slowing down and Germany is heading for recession.

Copper on the London Metal Exchange slipped as much as 1.2 percent, leading industrial metals lower. There are signs the euro area’s economic recovery is losing momentum, European Central Bank President Mario Draghi said yesterday. Exports from Germany, the third-largest metals consumer, slumped the most since January 2009, data showed yesterday, while a report by four economic institutes warned the nation’s economy is on the edge of recession.

The red metal has risen 0.2 percent this week as the U.S. dollar is poised for a 1.1 percent decline, the biggest weekly slide since August. A falling dollar enhances the appeal of metals priced in the greenback as alternative investments.

Bloomberg [1]

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