Copper prices extended its previous day decline in early Asia on Tuesday, after Chinese manufacturing activity unexpectedly contracted in July. Chinas manufacturing purchasing managers index pulled back to 49.0 in July from 50.2 in June. Besides, more downside risks are yet to be seen as the U.S. Federal Reserve continues to raise its benchmark lending rates in a bid to combat inflation that could further hamper overseas demand for Chinese-made goods. COMEX Copper fell more than 1% today and is currently quoting at $3.47 per pound. Powered by Commodity Insights
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