Reply #89: Sector Wrap: Copper Stocks Decline

[citizen snips]

NEW YORK (AP) -- Copper equities and futures suffered Thursday, mostly due to concerns about the possibility of looming interest rates hikes in China, which has been a source of high demand for the metal.

Chinese demand levels for copper are closely monitored. Analysts have said continued Chinese demand for the metal, which is used to make a variety of items, would likely buoy copper prices ahead.

But on Thursday, the Chinese market dropped sharply after data showed the booming economy grew a faster-than-expected 11.1 percent in the first-quarter, while inflation jumped 3.3 percent in March.

The news led to concerns that regulators might boost interest rates in an effort to curb the red-hot growth. Markets around the globe were pressured by the worries.

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http://biz.yahoo.com/ap/070419/copper_sector_wrap.html?.v=1