Helen Sun News
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Refined copper production in China may fall 500,000 metric tons in 2013, about 9 percent of the output last year, on a scrap shortage and delayed commissioning of new facilities, the nation’s third-largest producer said.
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A North Korean envoy told a top Chinese official his country is willing to return to dialogue, as the U.S. and China press the totalitarian state to come back to the negotiating table over its nuclear weapons program.
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China will tighten rules on bond sales by polluters, local government financing vehicles with higher debt levels and companies in industries with overcapacity as the government seeks to redirect the economy.
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Imports of refined copper by China, the biggest user, declined in April to the lowest level since June 2011, while exports fell for the first time in eight months.
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Copper declined, poised for the first weekly drop in four, after data showed U.S. jobless claims rose and housing starts slumped, raising concern that demand from the second-biggest user is slowing.
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Strict quality checks of scrap copper shipments to China and a slowdown in U.S. recycling are boosting demand for ore at refiners in the biggest user of base metals.
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Copper declined for a third day in London on concerns that demand from China, the U.S. and Germany, the largest users, is weakening.
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Copper gained in London after falling the most in two weeks as investors weighed weak growth in China and improving U.S. data. Lead, aluminum, nickel and zinc also advanced.
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Copper declined for the first time in three days, leading most industrial metals lower amid speculation that China’s economic slowdown is deepening.
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Copper traded near the highest level in a month after recording a third weekly advance as investors weighed whether demand in China, the largest user, can be sustained. Zinc, nickel, aluminum and lead rose.
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