Copper Drops on Bets Demand Will Decline on European Woes
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Copper futures fell for the first time in three sessions on concern that demand will slump in Europe as global supplies increase.
Euro-area services and manufacturing output shrank in April for a 15th straight month, a report from London-based Markit showed today. The European Commission said on May 3 that the region’s economy will contract more than estimated. Copper stockpiles monitored by the London Metal Exchange are close to the highest since 2003.