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.....

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