Merrill Lynch analyst raises copper pricing doubts
The price of copper may fall this month on speculation of slowing demand as global economic growth falters, says Bloomberg.
The price of copper may fall this month on speculation demand will slow as global economic growth falters, according to a financial survey by Bloomberg. “I just find it hard to be bullish [on] copper,” commented Michael Widmer, an analyst at Bank of America Merrill Lynch in London. “You do have a lot of very poor macro data coming out in a lot of countries.”
According to Bloomberg reporting, a new Commerce Department report shows that orders placed with U.S. factories fell in April by the most in almost a year as demand for aircraft waned and Japan’s earthquake restrained auto-related supplies. China’s manufacturing growth also reportedly fell, with a Chinese agency saying on June 1 that its purchasing managers’ index had fallen significantly.
Source: Copper May Fall on Speculation of Slowing Demand, Survey Shows (bloomberg)