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Copper Drops on Signs of Economic Slowdown

May 29, 2013 at 22:46 by Vladimir Vyun

Copper declined today as sings of global economic slowdown reduced demand and worsened prospects for the industrial metal.

German unemployment climbed by 21,000 in April. The actual change was far above the expected 4,000. The data suggests that the eurozone remains deep in recession, spoiling the health of the global economy.

The International Monetary Fund reduced its growth forecast for China from 8 percent to 7.75 percent this year. The report was not altogether bad, though, as it promised:

The pace of the economy should pick up moderately in the second half of the year, as the recent credit expansion gains traction and in line with a projected mild pick-up in the global economy.

China is the biggest copper consumer in the world.

July futures for delivery of copper fell $0.0005 (0.02 percent) to $3.2965 per pound as of 22:43 GMT on COMEX today.

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