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Copper futures slump ahead of Greece debt talks

By Investing.com  |  Commodities News  |  Nov 26, 2012 09:50AM GMT  |   Add a Comment
 
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Investing.com - Copper futures were lower during European morning trade on Monday, as appetite for riskier assets weakened ahead of a meeting of euro zone finance ministers later in the day to discuss whether to release Greece’s next tranche of aid.

Copper futures slump ahead of Greece debt talks
On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.523 a pound during European morning trade, down 0.45% on the day.

New York-traded copper prices fell by as much as 0.55% earlier in the day to hit a session low of USD3.519 a pound.

The International Monetary Fund, euro zone finance ministers and officials from the European Central Bank are due to meet on Monday to discuss freeing up pending aid for Greece.

German Chancellor Angela Merkel said she believes a deal can be reached at Monday’s talks, while the French finance minister said over the weekend that an agreement is close.

Market sentiment weakened slightly after separatist parties in Spain’s Catalonia region won the majority of the public vote in elections held over the weekend.

The win underlined fears about a potential negative impact on the euro zone’s fourth largest economy, as Catalonia accounts for nearly 20% of economic activity and provides the most tax revenue to the central government.

Markets participants continued to monitor developments surrounding the looming “fiscal cliff” in the U.S., approximately USD600 billion in automatic tax hikes and spending cuts due to come into effect on January 1.

There are fears the U.S. economy will fall back into a recession, unless a divided Congress and the White House can work out a compromise in the seven weeks left before the January 1 deadline.

Elsewhere on the Comex, gold for February delivery shed 0.3% to trade at USD1,748.55 a troy ounce, while silver for March delivery declined 0.55% to trade at USD34.00 a troy ounce.


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