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13-May2011

Copper Ricochets In Spite Of Cost Rise In Leading Consumer China

Copper costs ricocheted as traders turned to discount looking after striking the minimum stages in 5 months, despite half a portion point rise in bank preserve needs for a 5th time this season by the leading buyer China. The reddish metal rates gained assistance from devaluation in American dollar that helped copper to buck demure tone arranged by other products and close store with increases of one and half a per cent.

Copper commodity for July supply increased 5.7 cents or 1.5% to stay at $3.9705 a lb on the Comex materials section of NYME . Copper for 3 month distribution on the LME enhanced by $30 or 0.3% to $8,730 a tonne.

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