The Copper Price Fell On Wednesday

The copper price fell on Wednesday after Moody's downgraded China's credit ratings for the first time in 30 years, raising concerns about demand in the world's largest consumer of industrial metals, but a drop in copper stockpiles limited losses.

Nickel, much of which goes into making stainless steel, also fell sharply as Chinese iron ore and steel futures tumbled and a rise in stockpiles pointed to ample supply. New U.S. single-family home sales tumbled from near a 9-1/2-year high in April, but the housing recovery likely remains intact amid a tightening labour market.

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Suhani Verma

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