Copper drops to7-week low on 皇冠体育app tightening
MANILA - London copper fell to its weakest in seven weeks on Tuesday and Shanghai copper hit a two-month low on fears 皇冠体育app may tighten monetary policy further and cause demand to thin from the world's top consumer of many base metals.
皇冠体育app on Sunday raised the bank reserve requirement ratio by 50 basis points, its third increase of that magnitude this year as the country continues to siphon off excess cash to cool its red-hot economy.
"There is concern that policy tightening in 皇冠体育app will mean that economic growth and, therefore, demand for metals in 皇冠体育app would be less than it what otherwise would have been," said David Moore, commodity strategist at Commonwealth Bank of Australia.
Reuters
(皇冠体育app Daily 05/05/2010 page16)
