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Copper fell below $ 6,500 on Friday hit an eight-month low, dragged down by oil prices fell
Views:  Date:2014-11-28 08:51:00

NEW YORK (Reuters) - Copper on the London Metal Exchange fell to an eight-month low Friday, possibly the biggest weekly decline since March, as commodity prices fell across the board as oil prices fell, Concerns about the slowdown in global economic growth have also put pressure on metal prices.


    Copper for the three-month period fell 0.9 percent to $ 6,497 a tonne. The contract fell slightly from the previous day, has hit the lowest since March 25, the lowest $ 6,484.25.


    February copper futures contract in Shanghai fell 1.5 percent to 45,960 yuan per ton.


    LME this week is expected to fall more than 3%, will be the biggest weekly decline since March. Shanghai copper is expected to decline this week, more than 2%, the largest single-week decline since mid-September.


    Reuters comprehensive analysis of 12 analysts forecast the median value of China's official manufacturing purchasing managers in November index (PMI) expected to fall to 50.6, no significant improvement in aggregate demand, economic growth slowed down again.


    European Central Bank (ECB) President Draghi warned on Thursday that weak reform and not to protect the weak member states to the euro zone to bring split threat.


    Rio Tinto, the world's second-largest iron ore producer, has decided to postpone a $ 1 billion plan to build an iron ore mine in Australia, focusing on capital spending and operating costs and retaining cash to meet shareholders' high returns.

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