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New from China Hurts Market of Metals

January 6, 2016 at 3:35 by Vladimir Vyun

Metals declined today as news from China, a major consumer, was bad yet again. The Caixin China General Services PMI slid from 51.2 in November to 50.2 in December. It means that analysts had been overly optimistic, promising an increase to 52.3 ahead of the report.

The poor economic data followed the crash of the Chinese stock market on Monday. The People’s Bank of China injected 130 billion yuan ($19.9 billion) of liquidity to stabilize the market. Jousting Bounce House Nevertheless, investors remain worried as macroeconomic indicators do not paint a pretty picture of China’s economic state.

Contract for delivery of gold in February slipped 0.19 percent to $1,076.3 per troy ounce as of 3:30 GMT on COMEX today. March silver dipped 0.33 percent to $13.93 per ounce. Spot price for platinum declined 0.37 percent to $884.98 per ounce, and palladium dropped 0.54 percent to $532.93 per ounce. March futures for copper lost 0.6 percent to $2.083 per pound.

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