Copper scrap at standstill as demand plunges; market ‘worst since ‘81’
Oct 31, 2008 | 12:36 PM
| Tom Jennemann
The copper scrap market has ground to a halt as consumer orders all but dry up on the back of slumping demand and tight credit, market participants said.
"I've never seen it this slow," said one worried brass ingot producer. "I would possibly compare this to what we went through in 1981, but I don't think we had this big of a fall, this quickly. And I don't see much help out there."
The December copper contract on the Comex division of the New York Mercantile Exchange closed at $1.829 a pound Friday, down from the previous day's close of $1.8905 a pound. Comex copper is down nearly 60 percent from its high of more than $4 a pound in July, a fall mostly attributed to bleak economic growth prospects and the overall economic malaise.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute — no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Subscribe Now
Click Here
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.
Take a Free trial
Click Here