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Bear Market for Copper Has Inmet, First Quantum in Funk as Well

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Copper producers are down for a second day, with shares of Inmet Mining (IMN.TO) hitting their low for the session at $55.78, down $3.27 each. Rival First Quantum Minerals (FM.TO) likewise is sharply lower today, falling 5.2% to $17.01 a share.

Copper futures officially entered a bear market last night in New York, with prices for the industrial metal now off 20% from records set in February amid concern that European fiscal woes will damp commodity demand.

The International Monetary Fund yesterday likely provided the final push for copper to sink to its lowest price since last November when it lowered its forecast for U.S economic growth, trimming its 2012 GDP outlook by a full percentage point to 1.5%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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