(1888PressRelease)
December 05, 2007 - According to the reports by Ovetii, a financial advisory firm based in Greece, stockpiles monitored by the London Metal Exchange rose 4 percent recently to its highest point since April 4. The reports also revealed that housing starts in the U.S., the world's second biggest copper user, fell to a 14- year low in October, signalling that a real-estate slump will continue to weigh on growth.
Copper for January delivery fell 1.4 percent to close at 57,390 yuan a ton on the Shanghai Futures Exchange, the lowest close since March 9.
London Metal Exchange copper for delivery in three months fell 1.7 percent to $6,920 a ton, after closing 1.6 percent higher on Nov. 16.
March-delivery copper on the Comex division of the New York Mercantile Exchange declined 1.9 percent to $3.1370 a pound, after closing 2.6 percent higher on Nov. 16.
Production outpaced consumption for a second month in August, even though global usage beat supplies by 258,000 metric tons in the first eight months of the year.
A spokesperson for Ovetii apparently commented that the firm had observed a total lack of buying mood in the market as the U.S. economy remains a major concern, with many investors speculating that the metal may still have a long way to go before bottoming out.
Ovetii have yet to offer any official statement regarding the speculations.
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