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Copper Settles Below Two-Year High as Investors Take Profits
Copper futures are settling higher on Tuesday as investors are ostensibly taking profits. The industrial metal seems to have found direction after topping $3 last week, driven primarily by the recovering Chinese economy. Copper prices have been trading near their best levels in two years. October copper futures fell $0.018, or 0.59%, to $3.05 per pound at 19:57 GMT on Tuesday on the New York Mercantile Exchange. Copper has posted a significant rally since hitting bottom in April, rising nearly 20% over the last three months. Year-to-date, the red metal is up close to 10%. Although copper pared some of its gains, the ... (full story)