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Copper Drops as China’s Data Makes Traders Worry

June 3, 2014 at 23:00 by Vladimir Vyun

Copper dropped today as economic data from China led to concerns about slowing economic growth in the Asian country which is the biggest consumer of copper. The HSBC Manufacturing Purchasing Managers’ Index was at 49.4 in May, below the preliminary figure of 49.7 but above the April reading of 48.1. The index was close to the neutral 50.0 level but still remained below it, indicating a contraction of the sector.

Not all news was bad for the industrial metal. China’s services PMI rose from 54.8 to 55.5, while the official data on the manufacturing showed that the sector expanded, contradicting the private report. News from the United States was good too, meaning that the metal may yet find strength in optimism for global economic growth.

July futures for delivery of copper declined $0.0285 (0.90 percent) to $3.1420 per pound as of 22:55 GMT on COMEX today.

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