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Business

REUTERS
December 7, 2017

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Copper declines

Copper declines

Melbourne: Shanghai copper fell more than 3 percent on Wednesday, tracking a steep drop on the LME as investors wound in profits on concerns China could see a weaker first half of next year.
Analysts said besides a rise in copper inventories, the selloff was fuelled by concerns about liquidity tightness in China towards the year-end, amid a government-led deleveraging push, and slowing investment in the country´s power sector, a key driver for copper.
The "sluggish investment in power indicates copper demand in China may remain weak for a while," Helen Lau, an analyst at Argonaut Securities, wrote in a note, adding that she expected to see "more downward pressure" on the metal over the short term.
The Shanghai Futures Exchange copper contract fell 3.8 percent in morning trade before trimming the losses to trade down 3.1 percent at 51,420 yuan ($7,774.18) a tonne by the mid-session interval, and still on course for its biggest one-day drop since Nov 2016.

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