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Economic Indicators Promise Limited Demand for Copper

June 4, 2014 at 20:18 by Vladimir Vyun

Copper dropped today as economic indicators from various parts of the world suggested that growth of the global economy is slowing. US employers added 179,000 jobs in May, according to the report from Automatic Data Processing, less than was expected by market participants. Eurozone gross domestic product expanded 0.2 percent in the first quarter of 2014, at the slower rate than the previous quarter’s 0.3 percent. Today’s data added to pessimism created by economic reports from China.

Copper is an industrial metal, used in construction and manufacturing. This makes it highly dependent on the well-being of the global economy as demand for the metal grows when the economy expands and weakens when the world experiences troubles. The recent economic indicators suggest that need for copper may be not as high as some traders have hoped for.

July futures for delivery of copper slipped $0.0430 (1.37 percent) to $3.0940 per pound as of 20:08 GMT on COMEX today.

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