Copper scrap follows Comex prices lower
Dec 14, 2007 | 08:25 AM
| Sean Barry
U.S. copper scrap prices have come under downward pressure as copper on the Comex division of the New York Mercantile Exchange continues to fall on a rising dollar.
March-delivery Comex copper fell below $3 a pound Thursday and was trading at $2.964 a pound midday Friday, little changed from the previous day's $2.961-a-pound settlement. Copper was trading at $3.13 a pound the same time last week and has come under pressure as cautious investors and better-than-expected economic data strengthened the dollar against major foreign currencies.
A rising dollar depresses overseas trade in dollar-based commodities like copper.....
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