(Bloomberg) -- Copper fell for a third day as Chinese factories balked at paying record prices. Hawkish comments from Federal Reserve officials also...
-- Copper fell for a third day as Chinese factories balked at paying record prices. Hawkish comments from Federal Reserve officials also pressured base metals .Prices have dropped about 7% from Monday’s record as a surge in bullish bets put pressure on holders of short positions to close out their trades. Copper had its biggest intraday drop in nearly two years on Wednesday amid profit-taking by bullish investors and new signs of weaker demand in China.
Copper fell 0.8% to $10,339.50 a ton on the London Metal Exchange as of 11:12 a.m. local time. Other metals including aluminum and nickel were more than 1% lower.
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