Aug. 30 (Bloomberg) –Copper fell for the first time in five sessions on concern that the global economic recovery is faltering.
World economic expansion will slow to 3 percent this year from 4.2 percent in 2010, and growth will remain subdued until 2015, the Centre for Economics and Business Research said today in an e-mailed statement. Copper has fallen 8.3 percent in August, heading for the biggest monthly drop since January 2010, amid escalating debt woes in Europe and the U.S.
"We are so depressed right now," Phil Streible, a senior strategist at MF Global Holdings Ltd., said today in a telephone interview from Chicago. "The housing market is going nowhere, the job market is slower than anticipated, and global growth is so fractured. People would be happy with a lollipop."
Copper futures for December delivery fell 0.8 cent, or 0.2 percent, to close at $4.1095 a pound at 1:12 p.m. on the Comex in New York. The price climbed 2.9 percent last week, the most since July 1, as Federal Reserve Chairman Ben S. Bernanke indicated growth isn't weak enough to warrant immediate stimulus.
The U.S. is the world's largest consumer of copper after China. The London Metal Exchange is closed for a holiday.