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PrintThe Associated Press reported thatcopper and other metals fell as grim signals for the US economy continued to emerge.
Copper for December delivery gave up 10.55 cents or 3% to settle at USD 3.6375 per pound. Palladium lost nearly 4% and platinum and silver each gave up about 2%.
The outlook for the US economy dimmed as weak earnings reports poured in from major companies. Microsoft, McDonald's and General electric all fell sharply after reporting disappointing results for the Q3.
Separately a trade group of realtors reported that sales of previously occupied homes fell 1.7% in September after hitting 2 year high in August.
Mr George Gero commodities analyst with RBC Wealth Management said that the selling was also a result of investor impatience with European officials to come up with credible solutions to resolve the debt problems in struggling countries like Spain. Investors have long expected Spain to make a formal request for aid from the European Central Bank but it has yet to do so.
In other metals trading, December palladium lost USD 24.20 to USD 623 an ounce and January platinum dropped USD 28.20 to USD 1,615.50 per ounce. Gold for December delivery fell USD 20.70 to finish at USD 1,724 per ounce. December silver fell 77.10 cents to USD 32.097 per ounce.
Copper for December delivery gave up 10.55 cents or 3% to settle at USD 3.6375 per pound. Palladium lost nearly 4% and platinum and silver each gave up about 2%.
The outlook for the US economy dimmed as weak earnings reports poured in from major companies. Microsoft, McDonald's and General electric all fell sharply after reporting disappointing results for the Q3.
Separately a trade group of realtors reported that sales of previously occupied homes fell 1.7% in September after hitting 2 year high in August.
Mr George Gero commodities analyst with RBC Wealth Management said that the selling was also a result of investor impatience with European officials to come up with credible solutions to resolve the debt problems in struggling countries like Spain. Investors have long expected Spain to make a formal request for aid from the European Central Bank but it has yet to do so.
In other metals trading, December palladium lost USD 24.20 to USD 623 an ounce and January platinum dropped USD 28.20 to USD 1,615.50 per ounce. Gold for December delivery fell USD 20.70 to finish at USD 1,724 per ounce. December silver fell 77.10 cents to USD 32.097 per ounce.
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