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November 16, 2017

Copper dips

Business

November 16, 2017

Melbourne :LME copper on Wednesday slipped 0.2 percent to $6,746 a tonne, while Shanghai nickel and zinc tumbled alongside steel, extending losses from the previous session, in the wake of slowing industrial production growth in China.

"The selloff appeared to be sparked by the weaker-than-expected Chinese industrial production and fixed asset investment data . Both series showed a slowing of growth in the Chinese economy," said ANZ in a report.

China´s economy cooled further last month, with industrial output, fixed asset investment and retail sales missing expectations as the government extended a crackdown on debt risks and factory pollution.

Shanghai Futures Exchange nickel slid by limit down of 6 pct, as it corrects from a one-year peak hit on Nov 6. Shfe zinc, used in galvanising, slid 3 percent as did its sister metal lead.  The gains piled pressure on other metals with Shanghai copper falling 2.5 pct and aluminium down 0.7 percent.

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