Copper saw its biggest one-day drop in nearly six weeks on Monday, following the lead of other commodities. Renewed worries over the financial and banking industries raised demand concerns.
May-stamped copper futures fell to $1.766 per pound, down 7 cents on the session.
Traders looked ahead to a key housing report tomorrow. The S&P/Case-Shiller housing index is expected to drop 18.5% in January, compared to a decline of 18.55% a year ago. Data is scheduled for release at 9 a.m. ET. Copper traders often closely watch housing data because the metal is most often used in construction.
Also tomorrow morning, homebuilder Lennar Corp. (LEN) is expected to report a quarterly loss of $0.64, wider than the $0.56 loss from a year ago. Revenues are forecast to be down 50%.
In other metal trading, April-dated gold futures ended at $916.80 per ounce, down $7.70 for the day. Prices dropped as low as $910.40 in the early going.
Stock markets declined sharply on Monday after the U.S. government stated that bankruptcy might be the best solution for troubled automakers in the country, including General Motors, whose CEO Rick Wagoner has been forced to quit the job.
Meanwhile, financial stocks fell as Treasury Secretary Timothy Geithner said some banks could need additional assistance.
Light sweet crude for May delivery finished the session at $48.41, down $3.97 for the session. Prices touched as low as $48.11 in mid-day trading.
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