(Bloomberg) -- Copper futures in New York tumbled
3.5 percent, the most in two weeks, on expectations that rising
borrowing costs in major economies will slow growth and limit
demand for metals.
Copper, which generally moves in tandem with economic
expansion, has gained 13 percent this year. The U.S. Federal
Reserve is unlikely to cut interest rates before 2008, according
to a Bloomberg survey. Economists last month forecast a 25
basis-point cut in the fourth quarter. The European Central
Bank, the Reserve Bank of New Zealand and South Africa's central
bank raised interest rates this week.
Read more at Bloomberg Commodities News
3.5 percent, the most in two weeks, on expectations that rising
borrowing costs in major economies will slow growth and limit
demand for metals.
Copper, which generally moves in tandem with economic
expansion, has gained 13 percent this year. The U.S. Federal
Reserve is unlikely to cut interest rates before 2008, according
to a Bloomberg survey. Economists last month forecast a 25
basis-point cut in the fourth quarter. The European Central
Bank, the Reserve Bank of New Zealand and South Africa's central
bank raised interest rates this week.
Read more at Bloomberg Commodities News
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