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Copper Weak as US Budget Impasse Drags On

October 4, 2013 at 1:57 by Vladimir Vyun

Copper slumped on the previous session as the continuing government shutdown in the United States was hurting not only precious metals, but industrial ones as well. The metal was trying to recover today, but the rally was flimsy at best and currently copper stays little changed.

The partial government shutdown drags on. It looks like politicians are much more willing to compromise now, but it is not clear when they will reach an agreement. Additionally, the debt ceiling issue remains. It is unclear how much damage the current situation will do to the US economy, but no doubt it will harm growth in the USA and, as a result, in the whole world. Obviously, this is not good for industrial metal demand.

December futures for delivery of copper was down 0.001 (0.03 percent) to $3.2675 per pound as of 1:53 GMT on COMEX today after sliding 1.4 percent to $3.2685 yesterday.

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