Andrew Silver News
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Copper fell in London, set for the biggest monthly decline since May, on further signs demand has yet to revive as stockpiles of the metal increase.
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Copper rose the most in more than two weeks as miners prepared to strike in Chile, the world’s biggest producer.
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Copper rose in London, narrowing this week’s drop, on signs a price slump encouraged buyers in leading global consumer China as demand strengthens.
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Copper rose in London before a report that may show manufacturing in China increased, adding to speculation of recovering demand by the biggest buyer.
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Copper fell the most in two months on concern that China, the world’s biggest metal consumer, will take more steps to restrain the economy.
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The premium investors pay to borrow copper for next-day delivery fell from the highest in almost three months after a dominant position in London Metal Exchange- monitored stockpiles disappeared.
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Copper rose for a second day in New York amid speculation China and the U.S., the world’s two largest users of the metal, may move to stoke their economies.
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The fee paid to borrow copper for next-day delivery on the London Metal Exchange rose to the highest level since Jan. 6 as investors closed out bets on falling prices before tomorrow.
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Zinc stockpiles close to a 17-year high are masking demand for the metal in financing transactions.
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Copper futures headed for the biggest weekly gain since early December on optimism that global growth will sustain demand for industrial metals.
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