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Saturday, September 27, 2008

UPDATE

UPDATE FOR 26 SEPTEMBER

Copper down on demand worries, U.S. in focus.

Copper prices in New York and Londonslipped on Friday as

concerns about waning demand growth prompted investors

tolimit their holdings in the industrial metal, while awaiting

any new developments on a U.S. financial rescue plan.

Copper for delivery in three on the London Metal Exchange

(LME) ended down $155, or 2.2 percent, at $6,775 per tonne.

Earlier copper,used widely in power and construction,

touched a one-week low of $6,768.

Pressure mounted on U.S. lawmakers on Friday to agree on a

$700 billionfinancial rescue plan after talks at the White

House collapsed in acrimony andthe failure of Washington

Mutual, the biggest bank closure in U.S. history, roiled

global markets.

Markets shrugged off news of a strike in Canada.

LME copper stocks fell by 350 tonnes to 200,175, their

lowest level in morethan three weeks, suggesting a pick

up in demand.

Copper inventories in warehouses monitored by the Shanghai

Futures Exchange fell 6 percent in the week ended

Thursday to 16,130 tonnes.




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