COMMODITIES: Copper Sheds 2.3% as Data Shows China's Factory Output Stalling

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Copper closed down 2.3% at $7,245 a ton on the LME today after poor factory output data from China sparked concerns that demand for the metal will decline.

News that China's April factory growth was surprisingly weak initially boosted copper, on the expectations that the data would prompt the government would ease monetary policy. However, the government quickly squashed that possibility, and copper reversed.

In addition, data released today showed that LME copper stocks rose by 12,000

tonnes to 618,700 tonnes, near its recent peak of 621,600 tonnes which was a 10-year high.



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This article appears in: Investing , Commodities

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