Copper falls to 3-week low

Copper has slipped to a three-week low following further delays in the crucial bailout package for the Greek economy.

Reuters reports copper fell for the fifth straight day in trading this morning (February 17th). However, the commodity has made a small rebound on the back of improvements in the euro against the dollar today.

"It's been off the better part of the last week, but in the scheme of things it's still in and around the neighbourhood of its 200-day moving average ... for a month already," said Rick Bensignor, chief market strategist of New York-based Merlin Securities.

As of 02:25 local time in the US, copper had fallen to a trough of $8,205, its lowest value since January 23rd.

Earlier this month, precious metals fell following the announcement that Moody's has placed the UK's credit rating on negative outlook.

In total, the ratings agency downgraded six European nations seeing their credit ratings, while the UK, France and Austria were warned their AAA ratings are in jeopardy.