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LME Copper Down, Asian Buying Provides Cushion

LME Copper Down, Asian Buying Provides Cushion

LME Copper edges slightly lower as a weaker euro vs the dollar weighs upon the dollar-denominated base metals in quiet trade. “The announcement to audit local government debt in China plus commodity-trading-advisor selling last Friday led to weak metals this morning,” says Newedge director of Asian commodity trading Richard Fu. Some bears continue to short copper, zinc and other metals, while physical buying from Asia showed up at around $6,850/ton or lower in copper, he says, adding summer-thinned volumes are limiting price ranges, while the market is waiting for Wednesday’s US FOMC meeting Wednesday, China Manufacturing purchasing managers index Thursday and US non-farm payrolls figures on Friday. LME 3-month copper is down 0.3% at $6,841.25/ton.

For full article: http://www.metalprices.com/news/article/DN/20130729002399/dj-market-talk-lme-copper-down-asian-buying-provides-cushion



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