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Copper Extends Decline as Record Prices Deter Buyers in China
Copper fell for a third day as Chinese factories balked at paying record prices, while hawkish comments from Federal Reserve officials also pressured base metals. After surging to an all-time high on Monday on bets the global market will tighten dramatically in coming years, copper has fallen about 5%. Prices on Wednesday had their biggest intraday drop in nearly two years amid profit-taking and new signs of demand weakness in China, the largest metal consumer. Chinese factories are struggling to pass on the surging costs of copper to clients making products ranging from air—conditioners to home electronics. In the ... (full story)