Copper Drops in N.Y. on Concern Growth May Cool, Sapping Demand

By Ted Bunker

Feb. 25 (Bloomberg) -- Copper prices fell in New York on concern that Greece’s widening budget deficit may signal a threat to economic growth, reducing demand for the metal used in pipes and wires.

Copper futures for May delivery slid 5.4 cents, or 1.7 percent, to $3.1995 a pound at 8:13 a.m. on the New York Mercantile Exchange’s Comex unit. Greek debt may be downgraded by Moody’s Investors Service and Standard & Poor’s within a few months, the rating companies said today, driving borrowing costs higher and weakening the euro.