Copper prices plummet
Date: 6/10/2011
Traders have barely caught their breath after a ruthless September sell-off that saw double-digit losses across many base metals. October started with more losses as copper hit a low of $6,635, its cheapest in 14 months.
All base metals, apart from aluminium, are down more than 20 percent in the year to date, while copper has fallen 25 percent in September alone, as global economic worries worsen investor confidence in base metals is low.
Copper could bottom out around $6,600 in the fourth quarter of 2011 once Chinese buyers return to the market to start to replenish their stocks, industry analysts report.
Supply issues continue to affect copper as the worker's union at the Cerro Verde mine in Peru has announced the start of an indefinite strike at the site.
