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LME Copper falls for 2nd session, Chinese demand limits losses

16 Sep 2020 8:42 am
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Mumbai (Commodities Control) – London copper prices slid for a second straight session on Wednesday, although losses were curbed by expectations of strong demand from top consumer China. Three-month copper on the London Metal Exchange fell 0.2% to $6,748.50 a tonne by 0114 GMT. The market climbed to a 26-month high of $6,830 on Sept. 1.

The most-traded copper contract on the Shanghai Futures Exchange slid 0.8% to 51,740 yuan ($7,631.16) a tonne.

China's industrial output accelerated the most in eight months in August and retail sales grew, suggesting the economic recovery is gathering pace.

U.S. factory production increased for a fourth straight month in August, but the recovery is showing signs of strain, suggesting business investment in equipment could remain depressed through the end of the year as the COVID-19 pandemic drags on.

China's aluminium production in August rose 2.3% from a month earlier, setting a record high for a second month.

(Commodities Control Bureau)

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