Copper off on global growth fears

Copper dipped on Monday as growing concerns about a slowdown in the United States and a debt crisis in Europe raised fears about the outlook for global growth and demand for metals, although further falls were capped by a weak dollar. Benchmark copper was trading at $8,822 (Dh32,400) at 0850 GMT, down slightly from Friday's close of $8,825 a tonne. Investors are growing increasingly uneasy about global recovery prospects, with disappointing data from the United States and a debt crisis in the Eurozone prompting investment flows into safe haven assets such as gold, which rallied to a new record high near $1,900 an ounce. Copper posted its third consecutive weekly loss last week, and is down more than ten per cent so far this month.