Copper declines

(China Daily)
Updated: 2010-10-13 08:08
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SINGAPORE - Copper dropped in London, Shanghai and New York on the prospect of further credit tightening in China, and as the dollar rebounded.

Three-month delivery copper fell by as much as 1.2 percent to $8,191.50 a metric ton, declining for a second day, and traded at $8,204.25 by 2:37 pm on Tuesday in Singapore. The metal's climb to a 27-month high of $8,388 a ton on Monday was deemed excessive after China raised the reserve requirements for the nation's six largest banks, according to Beijing Capital Futures Co.

January-delivery copper on the Shanghai Futures Exchange lost as much as 1.4 percent to 62,120 yuan ($9,308) a ton, before trading at 62,330 yuan. Futures for December delivery on the Comex in New York dropped as much as 0.9 percent to $3.75 a pound.

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