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AKIPRESS.COM - Copper prices dropped more than 1% Wednesday, trading below $3 a pound as developments from China acted as a source of concern for investors, Fox Business reported today.
Copper for May delivery fell 4 cents, or 1.4%, to $2.911 a pound, and prices for a most-active contract are trading below the $3-a-pound level for the first time since July 2010, according to FactSet data.
A local Chinese-newspaper report overnight indicated China's central bank will respond to slowing loan demand by pumping more money into the banking system. Concerns about the effect of tightening efforts by China on loan demand follow Chinese trade data released earlier this week that came in much weaker than anticipated.