Copper Near Five-Year Low Defies Forecasts for Better Economy
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Economists say the world economy will do better this year. The copper market is saying that won’t be enough to eliminate a supply glut that’s lasted at least two years.
Prices of the metal traded near the lowest since October 2009 after falling 1.2 percent yesterday on concern that output is outpacing demand. China’s copper consumption will grow at the slowest pace since at least 2010, Deutsche Bank AG predicts. At the same time, global economic growth will be the best in four years, economist estimates compiled by Bloomberg show.