BLBG: Copper Steady in New York, Poised to Decline on Demand Concerns
By Ted Bunker
Oct. 27 (Bloomberg) -- Copper futures were little changed in New York and may decline on concern that demand isn’t sufficient to support current prices, which reached the highest in almost 13 months yesterday before retreating.
Copper futures for December delivery fell 0.1 cent to $3.01 a pound at 8:14 a.m. on the New York Mercantile Exchange’s Comex unit. The price touched $3.069 yesteday, the highest since Sept. 29, 2008, before declining. World copper consumption slipped 1.3 percent in the first seven months of 2009 from a year earlier, the International Copper Study Group reported last week.
