Copper's drop in 3rd quarter to bring buy-opportunity
Thursday, 10 June 2010
LONDON, June 9 (Bloomberg): Copper may fall as much as 28 per cent in the third quarter, creating a "great opportunity" to buy as prices are expected to move higher in the fourth quarter, Skandinaviska Enskilda Banken AB said.
Copper on the London Metal Exchange has eased 16 per cent this year as China, the world's largest user, enacted measures to cool its property market and Europe struggled with a sovereign-debt crisis. Copper for delivery in three months traded at $6,229.50 a metric tonne at 8:12 am on the LME. The contract last week dropped more than 20 per cent since this year's high, entering a bear market.
Prices had also moved lower on concern about stricter regulations for derivatives trading in the US, he said.
Copper on the London Metal Exchange has eased 16 per cent this year as China, the world's largest user, enacted measures to cool its property market and Europe struggled with a sovereign-debt crisis. Copper for delivery in three months traded at $6,229.50 a metric tonne at 8:12 am on the LME. The contract last week dropped more than 20 per cent since this year's high, entering a bear market.
Prices had also moved lower on concern about stricter regulations for derivatives trading in the US, he said.