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MTECHTIPS:- Copper prices turn higher after sliding to new 6-1/2 year lows
Copper prices bounced back from a new six-and-a-half year low in Europe trade on Thursday, but gains remained limited amid ongoing concerns over the health of the global economy. The red metal is sensitive to the economic growth outlook because of its widespread uses across industries. Copper for March delivery on the Comex division of the New York Mercantile Exchange sank to a session low of $1.942 a pound, a level not seen since April 2009, before recovering to trade at $1.970 by 07:55GMT, or 2:55AM ET, up 1.4 cents, or 0.73%. A day earlier, copper dipped 0.3 cents, or 0.15%. Losses were limited as the latest trade figures out of China pointed to strong demand for the red metal.Meanwhile, three-month copper on the London Metal Exchange rose 0.75% to $4391.25 a metric ton. Prices fell to $4332.50 earlier, the lowest since May 2009. Copper is down 7.5% so far in 2016 as investors slashed holdings of the red metal amid persistent worries over an economic slowdown in China. The Asian nation is the world’s largest copper consumer, accounting for nearly 45% of world consumption.
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