Copper falls again as economic hopes dim, gold up

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Associated Press

Posted on April 10, 2012 at 2:02 PM

Copper prices fell again as more signs of trouble in Europe's debt crisis sent stock markets plunging on both sides of the Atlantic.

Copper for May delivery fell 7 cents, or 1.9 percent, to $3.65 a pound Tuesday. It also lost 2 percent the day before.

The latest worry for copper was a spike in Spain's borrowing costs. That led investors to dump stocks in Europe and the U.S. and drive money into safe harbor investments like the dollar, Treasurys and German bunds.

Copper, which has a huge variety of uses in construction and manufacturing, also sank because its price is closely tied to economic growth around the globe.

Gold, another safe haven investment, rose $16.80, or 1 percent, to $1,660.70. Energy prices and agricultural contracts fell.

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