Copper tumbled more than 5% on Monday and aluminum sank to a three-year low on a weaker consumption outlook for metals in the face of a global downturn. European Shares dived with miners among the 10 biggest losers on Britain’s share index. The price of copper – often seen as a key gauge of real economic activity – more than halved and closed at $3,660, down $160, or 5.8 per cent since Friday’s close.
The National Association of Business Economists’ poll of 50 professional forecasters released on Monday found that real gross domestic product in the United States was expected to fall 2.6 per cent in the fourth quarter and slump 1.3 per cent in the first three months of 2009.
The picture was no different in Europe. The Confederation of British Industry forecast that Britain will suffer its sharpest economic contraction in almost two decades next year, and unemployment could rise to almost three million by 2010.
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MBN Mortgage
November 17, 2008
Globeandmail.com
