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London copper fell to a six-year low on Monday, by the Chinese manufacturing PMI bad pressure
Views:  Date:2015-08-03 09:38:42

August 3 - LONDON (Dow Jones) - Copper fell to a six-year low on Monday, dragged down by worries about China's economic growth in July, as well as a central bank official saying the downward pressure will continue into the second half of the year.


China's economy started badly in the third quarter, July manufacturing purchasing managers' index (PMI) fell to a two-year low, triggering a new global commodity prices decline.


Due to the contraction of new orders, China's July manufacturing production momentum, the new manufacturing PMI final value is further reduced from the initial value and down to two-year low, and the weekend announced the official manufacturing PMI together, confirms the current Chinese economy Growth is weak, still need to loose policy assistance.


On the London Metal Exchange (LME), copper for the month was down 0.7 percent at $ 5,194.50 an ounce, after falling to a low of $ 5,178.50. LME fell more than 9% in July and hit a six-year low of $ 5,164 last week.


Shanghai copper main contract fell 1.3 percent, to 37,870 yuan per ton (6,100 US dollars).


China's stock market closed lower on Monday, reflecting the downturn in popularity.


Daily Economic News website quoted China's central bank survey and Statistics Department, Sheng Songcheng in the "2015 China Asset Management Conference," the speech said the second half of the economic downturn is still not a small investment growth will slow down, consumption may stabilize In the slow, import and export situation is still not optimistic.

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