Copper Falls as China Port Probe Fuels Demand Concerns
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Copper declined for the sixth time in seven sessions in New York as a Chinese probe into financing transactions eroded demand prospects for deals using the metal as collateral.
Officials are looking at whether metals stockpiled at Qingdao Port fell short of obligations used to secure loans, and are focusing on Decheng Mining, said two bankers assisting the inquiry. Analysts at Barclays Plc and Goldman Sachs Group Inc. said the probe may curb copper inventory financing, a source of demand. Prices also fell after the World Bank cut its estimate for 2014 global economic growth.