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LME copper prices pulled back from record high
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LME copper prices were pulled back from the record high of US$8,966/ton, affected by China’s sudden announcement for the increase of required reserve ratio.
The US has decided to execute the second quantitative easing monetary policy; furthermore, the US dollar remains weak so that the investors have turned to choose the metal as target to avoid the risk of investment. Therefore, the copper price has hit the record high in last week.
However, China reportedly may announce to raise the interest rates; it has brought some chaos to the market. The copper prices suddenly dipped by US$495/ton, which was the largest slump in the past four months.
However, market insiders still have positive outlook to the prospect of copper prices. They predicted that the copper prices have changed to hike to the new record high by the end of this year due to the devaluation of US dollar.
Source: Yeh Corp.
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