July 8 (Bloomberg) -- Copper prices fell for a fourth day, the longest slump in almost two months in New York, on signs that a global economic recovery likely will be slow to take off.
The global economy will contract 1.4 percent this year, deeper than forecast in April, and a sustained recovery may be a year away, the International Monetary Fund said today. Group of Eight leaders said they will delay reversing stimulus measures until a rebound is assured. Europe’s economy declined by a record in the first quarter, government data showed today.
“There are rising concerns about the economic recovery,” said John Gross, the publisher of the Copper Journal and president of J-E Gross & Co. in Newport, Rhode Island. “Copper has lost steam and prices will be correcting to the downside.”
Copper for September delivery slid 6.65 cents, or 3 percent, to $2.159 a pound on the New York Mercantile Exchange’s Comex division, capping the longest slide for the most-active contract since May 15. Copper has fallen 7.4 percent in the past four sessions.
Among other LME metals for three-month delivery, aluminum fell 4.2 percent to $1,550 a ton. Tin tumbled 6 percent to $13,295 a ton. Nickel plunged 4.5 percent to $14,950 a ton, lead sank 3 percent to $1,610 a ton, and zinc dropped 4 percent to $1,507 a ton. more...
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