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Copper and oil slide, world equities dip
Copper futures dropped on Friday on concerns over Chinese growth and as the US dollar strengthened, while crude oil extended recent losses and a global gauge of equities drifted lower. Stocks were little changed on Wall Street, with low volume due in part to a snowstorm that blanketed the US Northeast—including financial hubs New York and Boston.
At the closing bell in New York, the Dow Jones industrial average rose 28.64 points, or 0.17 per cent, at 16,469.99. The S&P 500 dipped 0.62 points, or 0.03 per cent, at 1,831.36. The Nasdaq Composite fell 11.16 points, or 0.27 per cent, at 4,131.91. Three-month copper dropped 1.1 per cent to $7,315 (4,456.02 pounds) a tonne in its largest daily drop since December 2.
Expectations for a rise in Libyan supply and speculation of a buildup in US stockpiles kept pressure on oil prices after they tumbled Thursday. US crude fell for a fourth consecutive day and hit a one-month low, and Brent dipped after posting its largest daily drop since late June. "The sentiment is still bearish for sure, and I think Libya is still going to be the key driving factor," said Amrita Sen, chief analyst at consultants Energy Aspects.
US crude was recently down 1.4 per cent at $94.15 a barrel, and Brent fell 0.8 per cent to $106.95.