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Copper Drops, Strives to Rebound

December 2, 2011 at 4:59 by Vladimir Vyun

Copper fell as China’s manufacturing slowed. According to the HSBC/Markit report, China’s manufacturing declined in November with the fastest pace since March 2009. The Purchasing Managers’ Index dropped from 51.0 to 47.7 last month, the lowest level in 32 months.

The industrial metal may still rebound on the optimism about Europe and the positive economic data from the United States. The US manufacturing PMI rose from 50.8 to 52.7 in November, while the construction spending advanced 0.8 percent, two times the forecast value.

Copper traded at $3.5315 per pound today as of 4:51 GMT on COMEX, following the yesterday’s drop from $3.5560 to $3.5255 per pound.

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