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MTECHTIPS:-Copper holds near 6-year lows as China stocks plunge again

MTECHTIPS:-Copper holds near 6-year lows as China stocks plunge again

Copper prices held near the lowest level in more than six years on Tuesday, as Chinese stock markets plunged again, adding to concerns over the health of the world’s second largest economy. Copper for September delivery on the Comex division of the New York Mercantile Exchange inched up 0.5 cents, or 0.22%, to trade at $2.264 a pound during morning hours in London. A day earlier, copper futures tumbled to $2.209, a level not seen since July 2009, before recovering slightly to end at $2.259, down 4.4 cents, or 1.93%. The Shanghai Composite tumbled nearly 8% on Tuesday, one day after suffering its biggest one-day drop since February 2007, as investors dumped shares amid disappointment that Beijing held back from implementing fresh measures to support stocks. Chinese equities have lost nearly 30% over the past two weeks amid growing fears over China’s slowing economy and worries that Beijing may allow the yuan to continue to depreciate. China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
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