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Copper Falls as China’s Growth Unexpectedly Slows

July 16, 2013 at 0:51 by Vladimir Vyun

Copper futures fell today as China’s economic growth unexpectedly slowed last quarter. Gross domestic product expanded 7.5 percent in the second quarter of 2013, while growth was expected to stay at the first quarter’s rate of 7.7 percent. China is the biggest consumer of the industrial metal.

News from the United States was not particularly good either. Retail sales rose 0.4 percent in June, while analysts have hoped for a 0.7 percent increase. Not all reports were bad, but in general the traders’ mood was sour, reducing demand for riskier assets.

September futures for delivery of copper sank $0.005 (0.16 percent) to $3.1395 per pound as of 00:44 GMT on COMEX today. Contract for delivery of copper in three months fell $37 (0.53 percent) to $6,917 per metric ton on LME.

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