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datasets.iitb.crawledDocs.yn_08Oct08_file_101 Maven / Gradle / Ivy

    Updated: New York , Oct 08 06:50 London , Oct 08 11:50 Tokyo , Oct 08 19:50 RESOURCES Copper Rebounds From 30-Month Low as Fed Takes Emergency Action By Millie Munshi Oct. 7 (Bloomberg) -- Copper rebounded from a 30-month low as the Federal Reserve took emergency action to ease credit markets, spurring speculation economic growth will be revived. The Fed said it will create a special fund to backstop the U.S. commercial paper market, supporting the financing needs of corporations. A credit freeze that has spread globally sent the below 10,000 yesterday for the first time since 2004. Last week, copper plunged 13 percent, the most since at least 1988. ``There's some hope that the Fed is going to add some liquidity to these markets and help the credit situation ease a bit,'' said , a futures trading director at Equidex Brokerage Group Inc. in Closter, New Jersey. ``The credit markets are now unbelievably important for copper, because of the impact it has on the economy.'' Copper futures for December delivery rose 4.15 cents, or 1.7 percent, to $2.5345 a pound on the Comex division of the New York Mercantile Exchange. Yesterday, the price touched $2.3525, the lowest since March 23, 2006. The metal has dropped 17 percent this year amid a U.S. housing slump. The dollar's decline today against a basket of six major currencies boosted copper, Goodis said. Some traders buy copper and other commodities as a hedge against inflation. On the London Metal Exchange, copper for delivery in three months gained $13.25, or 0.2 percent, to $5,573.25 a metric ton ($2.53 a pound) as of 6:59 p.m. London time. Sparse Demand Slack demand may drive the LME price as low as $5,000, analysts at Barclays Capital, led by in London, said in a report yesterday. Still, ``the supply side is extremely problematic,'' Berry said. Output will stay ``weak well into next year and that does suggest that when demand prospects brighten, there is the potential for a very strong price recovery,'' she said. Metal producers have struggled to increase output this year amid labor unrest, mine accidents and a decline in ore grades. A by workers at a Peruvian mine owned by Freeport- McMoRan Copper & Gold Inc., the world's biggest publicly traded copper miner, has cut production, a union official said today. To contact the reporter on this story: Millie Munshi in New York at . Last Updated: October 7, 2008 14:55 EDT More News | | | | | | | | | | | | | |