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JAKARTA, Commodities group metals experienced price movements are weakened. Global economic conditions and demand a major influence on price movements.
Copper prices traded on the COMEX closed lower. Copper futures declined by 0.54 per cent to 3.71 cents per pound on the COMEX in New York.
The price drop also happens to aluminum. Price of aluminum for delivery in three months on the London Metal Exchange (LME) also fell 1.36 percent to 2054 U.S. dollars per ton compared to the previous day.
Within a week, the price of aluminum has declined 2.58 percent. Projected global demand declined due to the global economic slowdown to be the main causes of the decline in prices.
The decline in prices of copper and aluminum economic slowdown affected Asian countries by the IMF. Market participants are still to be wait and see until the meeting of the IMF, World Bank, and the European Central Bank (ECB) for 16-18 October 2012.
During the meeting, the three financial institutions will discuss Greece's problems. If the results of the meeting are able to produce solutions completion Greek debt crisis, commodity prices has the potential to bounce back.
In addition, the potential reduction in demand in the short term is considered quite big happened because India, China, Japan, and the United States, the countries of heavy metals producers and technology industry is predicted to be in terms of the economic downturn.
source: KOMPAS.com
Editor: Marcus Suprihadi
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