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Copper Drops on US Data, Supported by Chinese Reports

July 1, 2014 at 21:09 by Vladimir Vyun

Copper fell today due to weaker-than-expected macroeconomic data from the United States, but losses were limited. The manufacturing Purchasing Managers’ Index was at 55.3 percent in June, below the median analysts’ estimate of 55.6 percent. Construction spending grew by just 0.1 percent in May, while economists have hoped for at least 0.5 percent growth. It is bad news for copper, which is used in both manufacturing and construction.

Losses were limited, though, as reports from China, the biggest copper user, helped the industrial metal. China’s manufacturing Purchasing Managers’ Index rose from 50.8 in May to 51.0 in June. The Markit/HSBC manufacturing gauge was up from 49.4 to 50.7. The data promises steady demand for the metal in the Asian nation.

September futures for delivery of copper were down 0.03 percent to $3.2025 per pound as of 20:40 GMT on COMEX today.

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