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Gold edges lower, copper slides on disappointing Chinese data
Gold prices crept lower on Wednesday as markets awaited more cues on the raising of the U.S. debt ceiling, while copper prices slid after data offered more signals of a slowing economic rebound in China. Copper futures sank 0.7% to $3.6338 a pound, and were set to lose about 6% in May as data showed China's manufacturing sector shrank for a second consecutive month in May. The reading, coupled with a drop in overall business activity growth, pointed to a slowing economic rebound in the world's largest copper importer, and likely signals weak demand for the red metal. Copper prices were on course for their worst ... (full story)