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Concerns About Economic Growth Drive Copper Down

June 6, 2013 at 21:41 by Vladimir Vyun

Fundamentals in Europe and China led to concerns about economic growth. Such worries ignited speculations that demand for copper will fall, driving prices for the metal down.

German factory orders declined 2.5 percent April after increasing 2.3 percent in March. The predicted decline was at just 1 percent.

According to analysts’ estimates, China’s exports grew in May with half of the previous month’s rate. China is the biggest copper consumer in the world. Negative data from the country was already undermining attractiveness of the metal to traders.

July contract for delivery of copper slid as much as $0.043 (1.28 percent) to $3.3285 per pound as of 21:39 GMT on COMEX today.

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