Wednesday, September 20, 2006

Copper furtures retook the negative road Tuesday on the Commodity Exchange (Comex), after the US government said the initial construction of homes fell to a three-month low in August, renewing speculation of a weaker demand for the red metal.

In Tuesday's session, the copper contract for delivery in December fell 3.9 cents, or 1.1 percent, to close at 3.3755 dollars per pound.

In London, the position of the red metal for delivery in three months lost 20 dollars, or 0.3 percent, to end at 7,430 dollars per metric ton.

The beginning of building homes during August in the United States plunged 6.0 percent, double the figure expected by analysts.

Experts said Tuesday on average, a houses uses about 400 pounds of copper.

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