Copper price decline surprises traders

Jun 10, 2013 | 06:26 PM | Everdeen Mason

Tags  copper, Comex prices, PT Freeport, Grasberg Mine, Kennecott Utah Copper, Bingham Canyon Mine, Everdeen Mason

NEW YORK — Traders have expressed surprise at copper’s price decline over the past week as Comex values fell again June 10.

The July Comex contract, the most actively traded, settled at $3.241 per pound June 10, down almost 3 cents from $3.2685 June 7 and the lowest level since May 2. Prices have fallen steadily from $3.3715 per pound June 5.

"I don’t know why the price dropped, given (physical) market conditions," one trader source told AMM. "There’s a stronger demand plus problems with producers. (The market) is stronger than it looks."....

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