Copper demand unlikely to pick up in New Year traders

Dec 21, 2006 | 06:24 AM |

Soft demand for copper is expected to continue into the New Year as consumers report weak order books in the wake of the U.S. housing slump, according to traders.

Cathode inventory levels remain high at the Comex division of the New York Mercantile Exchange, and traders report very quiet market conditions with consumers pushing delivery dates further out.

Rod mills continue to see faltering orders for such products as plumbing tube and building wire following a major slowdown in the residential construction market.

De-stocking by consumers and distributors ahead of the end of the year has also soured the market, traders said.....

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