Copper Falls Most in Three Weeks on China Factory Cuts
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Copper futures tumbled the most in three weeks after China ordered companies in 19 industries to cut manufacturing capacity, signaling lower demand for industrial metals.
Surplus capacity must be idled by September and eliminated by year-end, the Chinese government said yesterday. A report on July 24 showed July manufacturing weakened more than estimated in the Asian nation, the world’s top consumer of copper. A basket of prices on the London Metal Exchange also dropped the most in three weeks.