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Copper falls after holiday and ahead of new data

Bnamericas Published: Wednesday, June 01, 2016
Copper falls after holiday and ahead of new data

After Monday's bank holiday, the price of copper fell on Tuesday in London ahead of the release of new economic data out of China and the US.

Spot copper closed 0.54% lower at US$4,700/t (US$2.132/lb) on the London Metal Exchange from Friday's US$4,725.50/t, according to Chilean state copper commission Cochilco.

China is set to release new manufacturing data on Wednesday, while the US Department of Labor is due to publish its latest employment data on Friday.

Copper is also poised to see further price erosion as the Federal Reserve is likely to raise US interest rates in the coming months.

Aluminum closed 0.3% lower on Monday at US$1,548/t while lead was down 0.1% at US$1,691.50/t and nickel was up 1.1% to US$8,465/t. Zinc climbed 1.1% to US$1,924/t, tin was 0.3% lower at US$16,200/t and molybdenum was flat at US$15,300/t.

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