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Copper Falls as China’s Growth Slows

March 21, 2012 at 0:30 by Vladimir Vyun

Copper dropped on signs that economic growth in China is moderating. BHP Billiton said that steel production in China is slowing, adding to evidence of economic slowdown in the Asian country. China is the second biggest economy and the major consumer of copper in the world.

Analysts in China say that the country will maintain demand, but the surplus of supply is what putting prices in trouble. Copper stockpiles jumped to 530,000 tons last week in Shanghai.

Copper price fell from 3.8865 to 3.8365 per pound yesterday on COMEX, while the intraday low was 3.8120.

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