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Copper & Oil Fell on Forecast of Slower China’s Growth

November 17, 2010 at 1:35 by Vladimir Vyun

Copper dropped today on speculation that China may take measures to cool its economy. The anticipation of China’s actions to curb its inflation caused the London Metals Index, which tracks six components, tumble 6.3 percent. Copper also weakened on speculation that a strike in the world’s fourth-biggest mine will come to an end. March futures for copper delivery slumped $0.1935 (4.9 percent) to $3.731 per pound as of 13:20 on COMEX.

Crude oil also declined on outlook for China’s tightening, as well as on concerns about European sovereign-debt troubles. European official gathered at Brussels to discuss a possible bailout for Ireland. The Bank of Korea raised its interest rates today, signaling that China may be not the only country to trim economic growth. December delivery for crude oil slipped $2.52 to $82.34 per barrel on NYMEX.

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