Copper Futures Drop to Two-Week Low as EU Cuts Growth Forecast
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Copper fell to a two-week low as the European Union cut its growth forecast for next year by more than half amid the struggle to contain the debt crisis.
Gross domestic product may expand 1.5 percent this year and 0.5 percent in 2012, the European Commission, the EU’s executive arm, said today. That’s down from projected expansion at 1.6 percent and 1.8 percent, respectively. Copper also dropped as China’s exports climbed at the slowest pace in almost two years, signaling cooling growth.