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04-Jan2019

Copper futures end lower on Thursday

Copper futures ended lower on Thursday after Apple blamed slowing iPhone sales on China, reinforcing expectations of slowing economic and demand growth in the world's top consumer of industrial metals. Apple on Wednesday cut its quarterly sales forecast, blaming sales in China, where growth has been curbed by a trade dispute with the United States. Copper prices declined further by the weak Chinese data showing the Caixin/Markit Manufacturing Purchasing Managers' Index for December fell to 49.7 from 50.2 in November, marking the first contraction since May 2017.

Copper futures for March delivery fell 2.1 percent to settle at $2.568 a pound, on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange ended down 1.8 percent at $5,736 a tonne.   


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