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Copper Futures in London Decline for a Second Day as Record Deters Buyers

1/5/2011 Raw Material News London Metal Exchange

Copper fell for a second day in London and declined for the first time in six days in Shanghai as the metal’s rally to a record deterred purchases and encouraged investors to sell the metal for gains. Aluminum, zinc and lead also dropped.

Copper for three-month delivery on the London Metal Exchage fell as much as 0.4 percent to $9,540 a metric ton, and traded at $9,545 by 9:06 a.m. Singapore time. It reached a record $9,754 a ton yesterday.

April-delivery copper on the Shanghai Futures Exchange lost as much as 1.3 percent, the most in three weeks, to 71,450 yuan a ton. Metal on the Comex in New York was little changed at $4.37 a pound, after reaching a record $4.4980 on Jan. 3.