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Base metals set for weekly loss on US rate cut views, demand worries
Nonferrous metals prices largely fell on Friday and were set for a weekly decline amid mixed economic signals globally and as U.S. rate cuts will be pushed back to later this year. Three-month copper on the London Metal Exchange fell 0.5% to $8,496.50 per metric ton by 0439 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange dropped 0.9% to 68,780 yuan ($9,580.45) a ton. On a weekly basis, both contracts were heading for a decline. U.S. Federal Reserve Chair Jerome Powell ruled out a rate cut at the March meeting as market participants had previously hoped for. “As interest rates have ... (full story)