Housing drop, slack demand put copper in camp of bears
Dec 29, 2006 | 01:05 PM
| Sean Barry
Demand for copper cathode remains virtually non-existent, with the bearish tone expected to extend into 2007 as the slump in the U.S. housing sector looks unlikely to reverse anytime soon, traders said.
Consumers continue to push delivery dates further out, with many now looking to roll January shipments into February, sources said.
Despite flat demand and rising stock levels, copper cathode premiums remained locked in a range of 5 to 6 cents a pound delivered to most U.S. destinations, with little business reported.
"The market is very bearish right now and we don't see any change around the corner," one trader said. "The housing industry is in real trouble and the economic picture overall does not look as good" compared with 2006.....
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