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Commodity News |
HeadLine : |
Copper rises on China monetary easing speculation |
Date : |
May 14 2013 |
Copper edged up on Monday as weak Chinese factory data for April raised expectations the top metal consumer may embark on further monetary easing, which would underpin demand for metals.
A surprise rise in U.S. retail sales in April, when Americans bought cars, home improvement materials and a range of other goods, supported the view of resilience in the world's biggest economy as well as helping strengthen the dollar.
A firmer dollar against a basket of currencies pulled gold down more than 1 percent on Monday.
A stronger U.S. unit makes dollar-priced commodities costlier for holders of other currencies. closed at $7,415 a tonne on Monday, up from a close of $7,375 on Friday. It rose nearly 2 percent last week and hit $7,480 last Wednesday, its highest in nearly a month.
China's factory output growth was surprisingly muted in April, darkening the outlook for economic recovery and feeding expectations that Beijing may take policy action to support activity.
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