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Sarhan Reuters Quote- METALS-Copper ends off on demand worry, recovery threats
“From the risk standpoint, investors are asking themselves
what solution is going to help resolve or allay some of these
concerns we are seeing from the global growth story,” said Adam
Sarhan, chief executive of Sarhan Capital.
“Greece is not resolved. Eventually you have to address the
structural imbalances that are at play. Until those structural
imbalances are addressed and resolved, the debt crisis is going to
continue in some way, shape, or form.”
As a result, the International Monetary Fund (IMGF) warned
that the economic recovery would be under threat. [ID:nB5E7GH007]
London Metal Exchange (LME) three-month copper CMCU3 fell
$90 to end at $9,005 a tonne, but managed to bounce back from an
earlier dip through its 200-day moving average at around $8,897.
In New York, the key September COMEX contract HGU1 settled
2.85 cents lower at $4.0925 per lb.
Despite the negative tone, prices in London and New York stand
just 12 percent away from record highs hit in February of this
year of $10,190 per tonne and $4.63 per lb.
“Fear is elevated … there’s no question. But when you factor
out all of the noise and just focus on the market action, we don’t
see a lot of pressure … yet,” Sarhan said.
