Copper prices fell after report shows China imported less of the metal last month
By APMonday, July 12, 2010
Copper dips as China imports fall in June
NEW YORK — Copper prices dipped Monday after a report showed China’s imports of the metal fell last month.
In a research note, Dahlman Rose & Co. managing director Anthony Rizzuto noted Chinese copper imports fell 17.3 percent last month compared with the previous month. China is the world’s largest importer of copper.
Copper for September delivery dipped 4.45 cents to settle at $3.009 a pound.
Other metals also fell slightly. A rise in the dollar helped push prices down across most metals and energy contracts. A stronger dollar makes commodities that are based in dollars more expensive for foreign buyers
Gold for August delivery fell $11.10 to $1,198.70 an ounce, while September silver dipped 15.6 cents to settle at $17.917 an ounce.
Benchmark crude for August delivery fell $1.14 to settle at $74.95 a barrel on the New York Mercantile Exchange.
Among other August energy contracts, heating oil fell 3.44 cents to $1.9913 a gallon, while gasoline dipped 4.2 cents to settle at $2.028 a gallon. Natural gas fell 1.7 cents to $4.401 per 1,000 cubic feet.
Soybeans were one of the few big gainers among commodities. The price of a bushel of beans for August delivery jumped above $10 a bushel for the first time since early May.
“The old crop beans are hard to come by,” said Mark Schultz, chief analyst at Northstar Commodity in Minneapolis. China remains a big buyer of soybeans from the U.S., but supplies of already harvested beans are dwindling.
Soybeans for August delivery rose 4.5 cents to settle at $9.9775 a bushel. Soybean prices have risen 7.2 percent since the end of June.
The high demand could push prices as high as $10.20 or $10.40 a bushel for August delivery, Schultz said.
Wheat and corn prices fell. Wheat fell 2.25 cents to $5.3575 a bushel, while corn fell 3.75 cents to $3.7975 a bushel.
