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Copper Drops as Stockpiles Rise; Gold Demand in India Falls on Record Prices

November 26, 2009 at 22:07 by Vladimir Vyun

Copper slid in London as growing inventories and the rebounding dollar pushed down demand for the metal. Stockpiles monitored by the London Metal Exchange increased 0.1 percent to 432,075 metric tons, the highest level since April 23rd. March delivery for copper slid 2.3 percent to $3.1245 per pound on NYMEX.

Gold imports by India, the greatest buyer in the world, declined for the seventh straight month as record prices decreased demand for the precious metal. Gold prices touched a record for a third time this week as falling dollar boosted attractiveness of the metal as an inflation hedge. Immediate delivery for gold for dropped 0.7 percent to $1,183.15 per ounce.

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