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Copper stumbles as funds liquidate amid rate worries
Copper prices dropped on Thursday as funds sold off bullish positions, triggered by concerns that high interest rates are dampening metals demand, particularly in top consumer China. Three-month copper on the London Metal Exchange slid 2.7% to $10,178 per metric ton by 1000 GMT, moving further away from a record peak of $11,104.50 touched last week. “The recent high flyers are the ones receiving a punch to the belly today. We have broken the uptrend from early March so this looks like technical selling and long liquidation,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. “We know there ... (full story)