Copper Falls as Supplies, Budget Impasse Signal Slowing Demand
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Copper fell to a one-week low in New York as a jump in stockpiles monitored by the London Metal Exchange and a U.S. budget standoff added to demand concerns.
Inventories in warehouses tracked by the LME rose for an eighth session, climbing 9.5 percent to 298,625 metric tons, the most since Sept. 5, 2008, exchange data showed today. President Barack Obama and House Speaker John Boehner haven’t been able to reach agreement on how to avoid $600 billion in tax increases and spending cuts set to start next month.