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Copper extended four weeks of declines after Chinese economic data highlighted persistent weak spots in the metal’s biggest market.
President Xi Jinping’s government has rolled out various measures to steady growth and stabilize the property sector, but Monday’s data triggered calls for more powerful action. Declines in real estate investment and home prices both gathered pace in May. Aluminum dropped as much as 1.2% to hit a two-month low below $2,500 a ton, after data showed China’s production of the metal hit a record last month as smelters brought back idled capacity. Heavy rains have improved hydropower reserves in Yunnan and allowed smelters to recommence operations after drought sapped their electricity supply in recent years.
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