Bloomberg News

KGHM Falls First Day in Six on Europe Concern, Copper Declines

June 01, 2012

KGHM Polska Miedz SA (KGH), the copper producer with the biggest European mine output, fell for the first time in six days on concern the debt crisis in Europe is deepening and as U.S. payrolls missed forecasts.

The shares declined 2.3 percent to 125 zloty as of 2:33 p.m. in Warsaw. Copper for three-month delivery slid 1.5 percent to $7,314 per metric ton on the London Metal Exchange.

A gauge of manufacturing in the euro area contracted for a 10th month in May, Markit Economics said today. Unemployment in the currency union reached a record high of 11 percent, the European Union’s statistics office said.

Payrolls in the U.S. climbed 69,000 last month, less than the most-pessimistic forecast in a Bloomberg News survey, after a revised 77,000 gain in April that was smaller than initially estimated, Labor Department figures showed today in Washington.

To contact the reporter on this story: Piotr Bujnicki in Warsaw pbujnicki@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus