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Copper retreats on profit taking, weak physical demand
Copper prices slipped on Wednesday as funds locked in profits from a rally to record highs that has curbed industrial consumers’ appetite to buy the metal. Three-month copper on the London Metal Exchange (LME) was 2.3% lower at $10,615 a metric ton at 1051 GMT, the biggest daily percentage drop in eight months. Corrections lower are likely to be short-lived with many funds planning to return to long or bullish positions after they have sold some of them to realise profits, a trader said. “I would be surprised if funds run away without a fight,” the trader added. The LME copper price is still up 24% so far this ... (full story)