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25-Aug2016

Copper futures end lower on rising inventories

Copper prices futures ended lower on Wednesday as rising inventories in Asian warehouses fuelled fears about weaker demand ahead in top consumer China. Reports showed stocks of copper in LME-approved warehouses have risen by a quarter, more than 50,000 tonnes, since August 11 to 254,700 tons, with much of the build occurring in South Korea and Singapore. Further, a stronger dollar, eroding the purchasing power of commodity buyers outside the United States, and a slide in oil prices also pressured industrial metals prices.

Copper futures for December delivery declined 1.9% to settle at $2.085 a pound on the Comex metals division of New York Mercantile Exchange. While, copper on the London Metal Exchange ended down 1.7 percent to $4,632 a metric ton.


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