Monday, September 29, 2008

Copper hits nine-month low

The price of copper dropped to $2.9065 a pound in response to Congresses defeat of the credit bill. Analysts fear a credit shortage will slow growth in the U.S., Europe, and China. China has accounted for 40% of the demand growth for copper recently.

Copper hit a record price of $4.2605 on May 5, but is down 25% the past quarter, the most ever.
[above, cathode plates, Freeport McMoRan]

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