Housing woes weigh heavy on copper market
Nov 30, 2007 | 07:12 AM
| Sean Barry
Soft demand for copper cathode is expected to drag into the first quarter of next year as the collapse in the U.S. residential construction sector and fears of an economic slowdown continue to weigh heavily on the market.
With no signs of a turnaround in the U.S. housing market, manufacturers of semi-fabricated products are jittery over trading conditions in 2008.
Sales of new homes in October hit a seasonally adjusted annual rate of 728,000 units, down 23.5 percent compared with October 2006 but up 1.7 percent from the prior month, according to latest data from the U.S. Commerce Department.
The inventory of unsold new homes dipped 2.3 percent to 516,000 units during the month as house builders continued to work down inventory, leaving the equivalent of 8.5 months of supply on the market, down from 9 months in September.....
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