Copper Prices Drop From Record as China Raises Interest Rates
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Copper fell from a record in New York as higher borrowing costs in China, the world’s biggest user, signaled slower economic growth and metal demand.
China lifted interest rates for the third time since mid-October before a report forecast to show that inflation expanded at the fastest pace in 30 months. In January, Chinese imports were likely “flat or significantly weaker than in December,” Citigroup Inc. said. The metal has surged 57 percent in the past year amid rising demand.