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19-Apr2011

Copper Plunges On Monday; Extends Downtrend To Sixth Straight Session

Copper prices plunged by around one and half a percent on Monday, extending the declining run to sixth consecutive session after investors took profits off the table on speculation of gloomy demand prospects as global economic worries loomed large. Apart from the recent hike in bank reserve ratio by top consumer China,reports like revision in credit outlook for the United States to negative by S&P and swelling concerns over European debt problems as unease over Greek debt and Portugal`s pending bailout by the European Union weighed heavily on the red metal prices which drifted to one month low levels.

Copper futures for May delivery plummeted by 5.95 cents and settled at $4.1980 per lb on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the London Metal Exchange dropped $180 to $9,225 a tonne.

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