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Copper Falls for First Day in Three

April 28, 2015 at 11:29 by Vladimir Vyun

Futures for copper fell today for the first time in three sessions. The losses were fairly limited, though, as fundamentals were largely supportive for the industrial metal.

The weakness of the dollar is one factor that should support copper. In fact, it rather surprising to see most commodities (including gold and crude oil) falling when the US currency is so soft. The possible reason for the lackluster performance is that market participants are repositioning ahead of the Federal Reserve policy meeting.

Another supportive factor for copper is prospects for stimulus in China. The second biggest economy has been demonstrating signs of slowing growth for some time now, and the nation’s central bank has already made couple of steps to reignite economic expansion. China accounts for about 40 percent of global consumption of the metal.

July futures for delivery of copper were down 0.13 percent to $2.7735 per pound as of 11:26 GMT on COMEX today.

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