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Copper’s Worst Drop Since 1998, Coffee Gains on Supply Fears

January 31, 2014 at 23:26 by Vladimir Vyun

Copper dropped for the eighth consecutive trading session today on concerns about slower economic expansion in China. It was the longest slump since December 1998. China is the biggest consumer of the industrial metal in the world, making its economic performance very important for copper. Analysts predict that tomorrow’s release of China’s manufacturing Purchasing Managers’ Index will show a drop from 51.0 to 50.6 in January. Contract for delivery of copper in three months dropped 0.4 percent to close at $7,065 per metric ton on LME today.

Coffee gained today on supply concerns. Brazil has experienced the record hot January and there were least precipitation in 20 years. The South American nation is the biggest grower and exporter in the world. March futures for delivery of coffee added as much as $0.052 (4.43 percent) to $1.252 per pound on ICE today.

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