The Gold Report
Copper futures fell for a second day this week after a report showed U.S. retail sales declined more than forecast in June, renewing concern that the economic recovery may falter.
Purchases decreased 0.5% last month, a second straight drop, the U.S. Commerce Department said today. Sales had been forecast to fall 0.3%, the median of 75 estimates in a Bloomberg News survey. Copper prices tumbled 17% in the second quarter, the first quarterly loss since 2008, on signs that the global economy was slowing.
"The retail numbers were a little disappointing," said Donald Selkin, the chief market strategist at National Securities Corp. in New York. "Copper is drifting right now, waiting for some more certainty."
Copper futures for September delivery lost 0.9 cent, or 0.3%, to $3.0085 a pound at 10:59 a.m. on the Comex in New York. Before today, prices fell 9.8% this year.
On the London Metal Exchange, copper for delivery in three months slumped $43, or 0.6%, to $6,642 a metric ton ($3.01 a pound).
Lead, zinc, nickel and tin also fell on the LME. Aluminum was up.
Notable Quotes
"GRG has an exciting high-grade silver discovery and just released an NI-43-101-compliant resource estimate with 105 Moz Ag eq." (5/17/13) Golden Arrow Resources Corp. - The Gold Report Interview with Thibaut Lepouttre More >
"THO's Escobal remains on budget and on schedule; its progress is encouraging." (5/10/13) Tahoe Resources Inc. - Chris Thompson, Raymond James More >
"We reiterate our Outperform rating on P and it remains one of our top picks." (5/10/13) Primero Mining Corp. - Shawn Campbell, Macquarie Capital Markets More >
"DGC is attractively priced and should outperform its peers." (5/10/13) Detour Gold Corp. - Brad Humphrey, Raymond James More >
"Lead, zinc and gold factor heavily into the economics for MAG's Juanicipio silver project." (5/14/13) MAG Silver Corp. - The Metals Report Interview with Brent Cook More >
Copper Prices Drop
Source: Bloomberg, Millie Munshi (7/14/10)
"Copper futures fell for a second day this week."
More Experts
"ATY absolutely has potential for further discoveries at El Roble." (5/10/13) Atico Mining Corp. - The Gold Report Interview with Paul Harris More >
"OLE has the single largest set of deposits in Senegal, a country where gold mining is growing." (5/13/13) Oromin Explorations Ltd. - The Gold Report Interview with Peter Grandich More >
"BRD's Grey Fox continues to return high-grade gold results." (5/9/13) Brigus Gold Corp. - Eric Winmill, Casimir Capital More >
"We currently have a Buy recommendation on PVG." (5/8/13) Pretium Resources Inc. - Ash Guglani, Salman Partners More >
"NGC will solidify its position as having the most advanced and economically robust graphite project out there." (5/8/13) Northern Graphite Corporation - Kiril Mugerman, Industrial Alliance Securities More >