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MTECHTIPS:-Copper declines ahead of China NPC meeting
Copper prices declined for the second consecutive session on Wednesday, as investors looked ahead to the start of China’s National People’s Congress annual meeting on Thursday. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year. On the Comex division of the New York Mercantile Exchange, copper for May delivery slumped 1.7 cents, or 0.64%, to trade at $2.640 a pound during European morning hours. Futures were likely to find support at $2.616, the low from February 25, and resistance at $2.695, the high from March 3. A day earlier, copper lost 4.1 cents, or 1.52%, to settle at $2.656 a pound, as concerns over the health of China’s economy and a broadly stronger U.S. dollar dampened the appeal of the red metal. The latest meeting of the legislature, the second to be overseen by President Xi Jinping and Premier Li Keqiang, comes amid lingering concerns over the health of the country’s economy. Analysts expect Premier Li to lower China’s economic growth target for 2015 to 7.0% from its level of “around 7.5%” for last year and that further stimulus measures will be announced as deflation risks rise. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
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