March 5 (Bloomberg) -- Copper futures fell for the first time in three days after Chinese Premier Wen Jiabao indicated the government doesn’t need to increase stimulus spending to achieve its target for economic growth.
Collapsing exports have dragged China, the world’s biggest metals user, to its weakest growth in seven years. Yesterday, copper surged to the highest price since late November on speculation additional stimulus spending in China would boost demand for metals.
“There was no increase in the overall size of the stimulus package, something that may be disappointing the markets,” Edward Meir, an analyst at MF Global Ltd. in Darien, Connecticut, said in a report. more...
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