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London copper futures fell on Friday due to sluggish demand, fear of a month on the biggest decline since January
Views:  Date:2015-07-31 09:37:38

NEW YORK (Reuters) - London copper futures fell Friday on the back of the biggest monthly drop in January, as demand in China weakened and the US dollar was higher, before the end of July and the release of China's manufacturing data at the weekend. Open positions.


On the London Metal Exchange (LME), copper for the month was down 0.2% at $ 5,252 a tonne, down 1.3% from the previous day. LME July may fall nearly 9%, the biggest monthly decline since January, and is the second-worst performance since 2012.


Shanghai Futures Exchange copper fell 0.8 percent to 38,360 yuan ($ 6,178) a tonne.


US economic growth accelerated in the second quarter, as strong consumer spending offset the sluggish consumption of corporate equipment, which means that the stability of economic momentum may lead the US Federal Reserve Board (FED / Fed) closer to this year's rate hike. [NL3S10A5C8]


Integrated 20 analysts forecast the median value of China's official manufacturing purchasing managers in July index (PMI) is expected to remain unchanged last month, still 50.2, weak signs of economic improvement, the lack of endogenous growth momentum, to be relaxed policy to continue to play effect.


LME tin prices soared this month, the cumulative 16%, boosted by tight supply outlook. The largest tin exporter - Indonesia in August before the implementation of new regulations, the country's smelters face the delay in export approval.


Some media reported on Thursday that the CPC Central Committee Political Bureau meeting said the economic downward pressure will increase the intensity of directional control.


Copperbelt Energy, a senior industry official in Zambia, said on Thursday that it would cut its electricity supply to the served mines by 30% from midnight. The country's electricity supply cut measures have already affected the production activities of Canada's First Quantum Minerals and Barrick Gold local mines.


Other market news, the dollar against a basket of major currencies held at nearly a week high on Friday, investors believe that the US gross domestic product (GDP) to support the latest data on the US Federal Reserve Board (Fed / FED) for the first time since 2006 Rate hike expectations.


US stocks closed flat Thursday as investors digested flat business reports and showed the latest US economic growth in the second quarter of the latest report.

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