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August 01, 2011

Copper prices fall on weak manufacturing data



Copper didn't have much of a chance to extend its brief rally.

Weak manufacturing reports from the United States and China combined with a stronger dollar Monday to cut short a two–day rally in copper. Copper fell nearly 7 cents to settle at $4.41 a pound.

A trade group says U.S. manufacturing growth was at its lowest level in July since the recession ended in June 2009.

In China, two new surveys show the country's manufacturing slowed further last month.

The dollar rose against other currencies, making commodities such as copper more expensive for buyers using other currencies.

Oil, gold and silver fell. Grains and beans prices rose.



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