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Commodity News |
HeadLine : |
Copper falls as dollar rallies on Fed comments, U.S. data |
Date : |
Oct 31 2014 |
Copper fell more than 1 percent on Thursday as the dollar rallied on strong U.S. growth data and the Federal Reserve's relatively hawkish tone on monetary policy.
A smaller trade deficit and a surge in defence spending buoyed U.S. economic growth in the third quarter to a better-than-expected 3.5 percent annual rate.
That data plus a show of confidence from the Fed in the U.S. economy's prospects sent the dollar to a 3-1/2-week high.
A strong dollar makes dollar-priced metals more costly for European and other non-U.S. investors.
Three-month copper on the London Metal Exchange closed down 1.2 percent at $6,736 a tonne.
Copper is down 8 percent this year on concerns about slowing demand from top user China as the country grapples with falling property prices, while rising supply is expected to swing the market to a large surplus next year.
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