Copper slumps on China worries


Copper futures tumble to their lowest level in more than three months on concerns about the pace of Chinese economic growth; December futures fall more than $0.06 (-2%) to $3.17/lb., hitting their lowest level since late July.

Copper and other base metals are suffering from rumors that the China will lower its 2014 growth target to 7%, says Commerzbank commodities strategist Eugen Weinberg.

Meanwhile, China's eagerly awaited Third Plenum offered little support for markets, outlining only vague economic goals.

ETFs: JJC, CPER, CUPM.

U.S.-traded copper miners: FCX -0.8%, SCCO -1.8%, TCK, GMO, SVBL, TLR.

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Comments (3)
  • mydogmoe
    , contributor
    Comments (1322) | Send Message
     
    Here we go again. We are worried this week and we are euphoric next week. I quit paying attention to contrived Chinese data along time ago. Heck, the US data is getting more contrived every month...
    13 Nov 2013, 03:09 PM Reply Like
  • jamerson
    , contributor
    Comments (46) | Send Message
     
    I agree , and the conclusion is usually negative. The idea that a "jobless recovery" is conceivable is short in reality for the country as a whole. Chinese data is no more contrived than ours. What goes in New York is New York, But what goes in most small towns is death. Maybe that is the best investment yet.?
    13 Nov 2013, 09:51 PM Reply Like
  • john001
    , contributor
    Comments (1169) | Send Message
     
    the rest of the world can only wish for a 7% growth.
    14 Nov 2013, 12:30 AM Reply Like
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