The most-traded November copper contract on the Shanghai Futures Exchange traded up 0.1 percent at 48,910 yuan ($7,981) a tonne on Thursday. An abrupt slowdown in China's credit growth as well as wobbles in Europe's economy as result of sanctions over the Ukraine are threatening to derail global growth and casting a pall over metal demand.
Added to these concerns are worries that the United States may act to raise rates sooner than expected, drawing back cheap liquidity available to industry and commodity investors, as well as boosting the dollar. "Prices moved sideways yesterday after the US dollar triggered a fairly noticeable decline. I think people are going to wait and see what the Fed has to say in its next statement on when interest rates are going to rise," said analyst James Glenn of National Australia Bank in Melbourne.
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