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Copper gains as China’s consumer inflation dropped 0.3% in July.
Copper yesterday settled up by 0.39% at 732.2 after data showed that China’s consumer inflation dropped 0.3% in July from a year ago earlier, less than the market decrease. Chinese authorities pledged to ramp up policy support to boost a flagging economy, but the lack of concrete plans and forceful measures disappointed markets. On the monetary policy front, the People’s Bank of China lowered key short-term interest rates in June for the first time in ten months but decided to keep rates unchanged at their July fixings.
