Industrial metals fall on demand worries

    0
    23

    Industrial metals are down on fears that a growing debt crisis in Europe and weak job growth in the United states could dampen demand at the world’s factories.

    Copper for September delivery fell 4.4 cents to settle at $4.368 a pound, October platinum dropped $5.10 to $1,728.30 an ounce and September palladium lost $11.50 to $767.45 an ounce.

    The value of industrial metals generally tracks economic growth. The raw materials are used to make everything from minivans to iPads. When growth slows, so does demand for copper, palladium and other metals.

    Prices had risen last week as traders were more optimistic about global economic growth. That optimism faded Monday on worries that big banks in Spain and Italy might be hit with losses on bailouts to debt-ridden countries like Greece.