China selling slashes volatile LME copper

Reuters/Yahoo Asia: “Copper prices crashed 1.75 percent on Tuesday from near 16-year highs amid a rash of Chinese profit-taking and fresh selling.

Three-month copper on the London Metal Exchange was trading at $3,085/$3,090 a tonne by 0630 GMT, down $55 from Monday’s close of $3,140.

Morning trade in Asia was extremely volatile, with the red metal plummeting more than $50 in early trade before recouping half those losses by the end of the morning, supported by a strike at a unit of the world’s top producer, Codelco. “

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