Tuesday, September 02, 2008

Copper consumption and price down on housing forecasts

The price of copper has fallen to around $3.40 per pound with predictions of further declines to $3.20 in the near-term, because of a faltering world economy, and especially the housing market which may continue a downward trend through 2009. Analysts attribute as much as 46% of copper use in building construction. [right, 6-month copper spot market price trend. Kitcometals.com]

A study by the International Copper Study Group showed that total global copper usage grew by 6.6% in 2007 to 18.2 million tons but has declined 0.06% through April.

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