(Bloomberg) -- Copper in New York headed for its
biggest weekly drop in four months as China, the world's biggest
consumer of the metal, implemented measures to slow economic
growth.
China's government increased the amount its currency can
appreciate, raised interest rates and curbed bank loans to tame a
its booming economy, which expanded 11.1 percent in the three
months ended March 31, exceeding 10 percent for a fifth quarter.
The expansion in China has helped triple copper prices in the
past five years. Prices have plunged 8.7 percent this week on
speculation of slowing Chinese consumption.
Read more at Bloomberg Commodities News
biggest weekly drop in four months as China, the world's biggest
consumer of the metal, implemented measures to slow economic
growth.
China's government increased the amount its currency can
appreciate, raised interest rates and curbed bank loans to tame a
its booming economy, which expanded 11.1 percent in the three
months ended March 31, exceeding 10 percent for a fifth quarter.
The expansion in China has helped triple copper prices in the
past five years. Prices have plunged 8.7 percent this week on
speculation of slowing Chinese consumption.
Read more at Bloomberg Commodities News
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