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The metal has shed 14% since rocketing to a record above $11,000 a ton in May. Soft market conditions in top consumer China have handed copper’s more bullish investors a reality check, and prices have continued to decline even amid tentative signs of a demand recovery.
Copper held steady at $9,550.50 a ton on the London Metal Exchange at 12:03 p.m. after reaching the lowest since April 18 in earlier trading. Most metals traded flat to lower. Zinc rose 1%.Industrial metals had staged a broad rally through mid-May on hopes for a pick-up in global consumption and long-term bets on supply tightness. Still, China’s patchy economic recovery and weaker currency, as well as ebbing prospects for US interest rate cuts this year, blunted gains.
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