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Mixed Fundamentals Weaken Copper, Boost Rubber

July 4, 2012 at 19:26 by Vladimir Vyun

Copper fell today, sliding from the highest level in seven weeks, as signs of global economic slowdown damped demand for industrials metals. Earlier this week, some bad fundamental reports came out from the United States and the eurozone. China’s manufacturing also gave reasons to worry as it was contracting. Copper slipped from $3.5300 to $3.5055 per pound as of 19:13 GMT on COMEX today. Yesterday, the metal touched $3.5500 — the highest price since May 14.

There were some positive sings, which allowed rubber to gain. US factory orders rose 0.7 percent in May after two consecutive months of decreases. That is compared to the forecast of a 0.1 percent increase. US auto sales of General Motors, Ford Motor and Chrysler Group LLC in June were above anticipate level, fueling hope that demand for rubber would increase. Rubber futures of delivery in December jumped as much as 2.2 percent to 256.6 yen per kilogram ($3,216 per metric ton) on the Tokyo Commodity Exchange, reaching the highest level for a most-active contract since May 31.

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