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Copper breaches USD 7,000 mark

Metal News - Published on Tue, 28 Nov 2017

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The price of copper climbed above $7,000 a tonne and towards a one-month high on Friday, helped by a weaker dollar and shrinking supplies, though concerns over demand from top consumer China capped gains. Three-month copper on the London Metal Exchange ended up 0.6 percent at $7,002 a tonne, having touched $7,015, its highest since Nov. 1.

The US dollar was at its lowest level since late September against a currency basket, still under pressure after the minutes from the latest U.S. Federal Reserve policy meeting highlighted concern among some board members over persistently low inflation. A weak US currency makes dollar-priced metals cheaper for non-US investors.

Inventories in LME-registered warehouses continued to decline, falling by 5,475 tonnes to 213,600 tonnes. Stocks have fallen 30 percent since mid-September. MCU-STOCKS

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Posted By : Rabi Wangkhem on Tue, 28 Nov 2017
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