Copper Falls As Economic Hopes Dim
Copper prices fell again as more signs of trouble in Europe's debt crisis sent stock markets plunging on both sides of the Atlantic.
Copper for May delivery fell 7 cents, or 1.9 percent, to $3.65 a pound Tuesday. It also lost 2 percent the day before.
The latest worry for copper was a spike in Spain's borrowing costs. That led investors to dump stocks in Europe and the U.S. and drive money into safe harbor investments like the dollar, Treasurys and German bunds. U.S. stocks fell for a fifth day, their longest losing streak this year. Indexes fell 3 percent in France and Spain.
Copper, which has a huge variety of uses in construction and manufacturing, also sank because its price is closely tied to economic growth around the globe.
The June contract for Gold, another safe haven investment, rose $16.80, or 1 percent, to $1,660.70. Energy prices and agricultural contracts fell.
May wheat fell 17.25 cents to $6.2575 a bushel, corn fell 14.25 cents to $6.3475 a bushel, and soybeans fell 5 cents to $14.26 a bushel.
In other metals trading, June palladium decreased $6.95 to $636.85 per ounce and July platinum ended down $24.50 to $1,593.70 an ounce. May silver rose 15.5 cents to $31.679 per ounce.
Crude oil fell $1.44 to $101.02 on the New York Mercantile Exchange. Heating oil fell 5.02 cents to $3.0957 a gallon and gasoline fell 4.71 cents to $3.2496 a gallon. Natural gas fell 7.6 cents to $2.031 per 1,000 cubic feet.