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Commodity Daily News
Copper Prices Push Lower
Wednesday, 21 Dec 2011
Copper prices have struggled to recover from their lows and are once again testing the rising support line from the October and December lows. The risk off environment has continued as the European debt crisis drags on. Also weighing on the price of copper has been a slowdown in China. Recent PMI surveys have hinted at declining growth in the economic juggernaut which would likely dampen demand for the metal. According to the most recent CFTC Commitment of Traders report speculators are betting on a continued decline in copper prices. A break of the previously mentioned support line and copper prices could find support at $3.00.
