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)