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Copper prices fall in London trading

Copper prices fall in London trading

Copper prices on the London market fell on Friday. The ongoing weakening of activity in the manufacturing sector of China, a major buyer of industrial metals, for five months has dimmed the outlook for their demand.

At 12:02 GMT, three-month copper futures on the LME were trading down by 0.4% at $8,461.5 per ton. The official Purchasing Managers' Index (PMI) for China's manufacturing sector in February fell to 49.1 from 49.2 in January, partly due to the closure of factories for the holiday period.

In contrast to the official index, the Caixin Media Co. and S&P Global indicator pointed to steady growth in activity among small and medium-sized manufacturers in China. February saw an acceleration in production and new orders growth.

Next week, an important meeting of the Chinese government will take place, where planned economic growth figures and the general policy objectives of the country's leadership will be announced.

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