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Copper prices open lower on firm dlr, economy woes
Now Close Now Close Copper 3700.00 3820.00 29400 30000 Aluminium 1935.00 1925.00 13635 13700 Zinc 1185.00 1200.00 9585 9710
In the news > Copper ends up 5 pct, gains cut on Wall St slide [nLE263339] > Indonesia's Timah sees tin output flat in 2009 [nSP238427] > Ormet plans to cut costs, improve aluminium output[nN14300949] > US commods' net longs down 67 pct from previous we[nN14446017] > Russia Norilsk sees demand falling, level off in '0[nLE435465] > Broker Sucden's new futures fund targets $300 mln [nLE754981] > China adjusts taxes as export worries weigh [nSP54631] > Spot TC/RCs paid to China copper smelters rise [nLE358712] > COLUMN-China boosts infrastructure spending: John Ke[nLE36999] ---------------------------------------------------------------
* London copper futures fell 3.1 percent on Monday, reversing Friday's 5 percent gains, chased lower by Shanghai as commodity markets succumbed to profit taking in light of the strengthening dollar.
* Adding to the bearish pressure was GDP data from Japan, showing the world's second-biggest economy was in recession. [ID:nTKU003187]
* London Metal Exchange copper MCU3=LX for delivery in three months fell $120 to to $3,700 a tonne at 0101 GMT, while Shanghai's most active copper contract SCFc3 dropped 2 percent to 29,400 yuan ($4,309).
* On Friday, Shanghai copper leapt by its 4 percent limit and London metal climbed 6 percent following a strong rebound on Wall Street.
* The yen and dollar pushed higher after a G20 meeting on the financial crisis ended. Governments from Washington to Beijing agreed on Saturday to a raft of fiscal and monetary steps to rescue the global economy, [ID:nN16483348] (Reporting by Nick Trevethan; Editing by Kazunori Takada)
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