Glencore production cuts fail to boost copper
Slowdown in China's growth and huge inventory buildup may result in further falls in the price of the metal, which is already at a six-year low, say analysts
London
THE biggest cuts to copper production this year haven't been enough to overcome the drumbeat of China's slowdown.
While copper is still up about 2 per cent after Glencore plc said it would reduce its output, the advance has stalled on renewed fears about consumption in the country that accounts for more than 40 per cent of global demand. Even a 8.3-magnitude earthquake in Chile, the world's largest copper miner, failed to send prices soaring.
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