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Copper drifts toward 3rd weekly fall, prices break below $10,000/ton
Copper prices in London headed for the third weekly fall on Friday and broke below a major level of $10,000 per metric ton after mixed trade data from top metals consumer China. Three-month copper on the London Metal Exchange lost 1.7% to $9,972.50 per ton by 1017 GMT. The metal is down 0.6% this week, having shed 10% since hitting a record high of $11,104.5 on May 20. “We had a big rally recently but there were lots of signs that the physical market was not particularly strong, so this pull-back makes sense,” said Dan Smith, head of research at Amalgamated Metal Trading. In China, indicators remain mixed. The ... (full story)