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Negative Macroeconomic Data Makes Copper Weaker

May 15, 2013 at 23:42 by Vladimir Vyun

Copper futures fell in London as negative macroeconomic data from around the world led to concerns that demand for the industrial metal will wane.

US industrial production fell 0.5 percent in April following the 0.3 percent increase in March. The Producer Price Index was down 0.7 percent last month.

The eurozone remained in recession as the economy shrank by 0.2 percent in the first quarter of 2013. Germany barely managed to sink into recession too as its economy expanded by meager 0.1 percent.

Growth in China, the biggest consumer of copper, was also worrying for traders. Premier Li Keqiang said that there is little room left for stimulus measures.

Contract for delivery of copper in three months dropped $47 (0.65 percent) to $7,198 per metric ton as of 23:31 GMT on LME today. At the same time, July futures for the metal advanced $0.0045 (0.14 percent) to $3.2695 per pound on COMEX.

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