Unprofitable copper raises price

THE Greek crisis and the Chinese stock market plunge have not been enough to boost gold’s allure to investors seeking a safe haven, with $5.4 billion being wiped from Russia and China’s gold reserves.
Unprofitable copper raises price Unprofitable copper raises price Unprofitable copper raises price Unprofitable copper raises price Unprofitable copper raises price

According to Bloomberg, the drop was particularly painful for both countries as they are the world's two largest bullion buyers.

Gold prices slumped to a five year low, pulled down by expectations of a US interest rate rise and a strong US dollar.

Chinese gold holdings have increased 60% since 2009, while Russia more than doubled its assets.

However, news that Chinese smelters were curbing sales has pushed copper prices up on the London metals exchange.

After falling to a bear market, the metal's price climbed 0.8% because domestic prices were deemed as unprofitable.

Used in power cables and air conditioners, China is uses about 40% of the world's copper supply.

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