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Weekly Copper Review: Copper falls near $4 per pound mark
27-Jul-2024 13:12
COMEX Copper futures fell near $4 per pound, testing four month lows as a weak movement continued amid mixed equities. The red metal has been hurt due to rising LME inventories and worries over Chinese demand. Global economic undercurrent remains broadly tepid. IMF Chief Kristalina Georgieva has noted that the global economy is stuck in low gear, which could deal a major blow to the fight against poverty and inequality. Group of Twenty finance ministers and central-bank governors gathering this week in Rio de Janeiro face a sobering outlook. As the IMF's latest World Economic Outlook update shows, global growth is expected to reach 3.2 percent this year and 3.3 percent in 2025, well below the 3.8 percent average from the turn of the century until the pandemic, she noted.

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