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Copper Slide Continues
World Economy

Copper Slide Continues

London copper sank to its lowest since 2009 on Monday as persistent concerns over China’s economic growth dimmed prospects for metals demand and dented appetite for risk, Reuters reported. Three-month copper on the London Metal Exchange had fallen 1.2% to 4,433.50 a ton, following 0.9% losses in the previous session. It earlier hit $4,420 a ton, its weakest since May 2009. Prices have already shed nearly 6% this month. Shanghai Futures Exchange copper fell to its weakest in more than three weeks. It was last at 35,240 yuan ($5,352) a ton, a 1.3% loss. The fall in global copper prices is set to dent China’s domestic copper smelting companies’ profitability, because treatment and refining charges for 2016 will get locked at much lower rates than last year. According to Metal Bulletin, China’s largest copper smelter Jiangxi Copper and Chilean copper miner Antofagasta have agreed on 2016 TC/RCs of $97.35 a ton and 9.735 cents per pound.

 

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