NEW YORK, NY--(Marketwire - Feb 22, 2013) - Copper miners have been trending downwards in recent weeks as prices for the metal have continued to slump. Copper prices on Thursday set a new low for 2013 on slowing housing demand from China and the U.S. Five Star Equities examines the outlook for companies in the Copper Industry and provides equity research on Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) Southern Copper Corp (NYSE: SCCO).
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According to Copper Development Association 40 percent of copper demand is derived from the construction industry, as copper electrical wires and pipes are essential to both residential and commercial construction. A National Association of Home Builders/Wells Fargo report showed that builder sentiment unexpectedly declined to 46 in February. The median forecast of economist called for an increase to 48, according to Bloomberg.
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Concerns regarding China's housing demand have also grew after the Chinese government ordered cities to "promptly" curb housing purchases. China currently accounts for approximately 40 percent of the world's copper demand.
"Any sign that China may be limiting its real-estate market is certainly concerning from a demand perspective," said Vision Financial Markets' director of metal trading, David Meger, in a telephone interview. "The builder-confidence report is one more slight negative for the market."
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