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Copper & Zinc Rebound After Drop

April 12, 2013 at 11:07 by Vladimir Vyun

Zinc fell today, before recovering, on concerns that economic slowdown will hurt demand for the metal. Analysts estimated that China’s economic growth was at 8 percent in the first quarter of 2013, below the previous projections. China is the biggest consumer of the metal. Currently, zinc managed to rebound.

Copper also dropped. The metal was hurt by the Chinese growth estimates as the Asian country is also the major consumer of the industrial metal. On top of that, inventories tracked by the London Metal Exchange expanded to 590,175 metric tons yesterday, the highest since September 2003. Growing supply and falling demand create bearish trading environment for copper. As of now, copper rebounded in London, but kept losses in New York.

Zinc for delivery in three months rose $4 (0.21 percent) to $1,914 per metric ton as of 11:01 GMT on LME today. Earlier, the price dropped to $1,892 per ton. May futures for delivery of copper fell $0.0175 (0.48 percent) to $3.4145 per pound on COMEX, while three-month contract for the metal advanced $35 (0.46 percent) to $7,610 per ton on LME.

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