In base metals, copper imports actually set a new record of 406, 937 metric tons.
China represents 42% of global demand for the four main base metals: copper, zinc, nickel and aluminum, so its decisions regarding how to direct its state-run economy are paramount to the outlook for these commodities, she said.
Unlike recycling of popular base metals like copper and aluminum which might make up a large portion of an object, the problem with trying to increase recycling of specialty metals is that they are used in only sparingly in the high-tech equipment.
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Meanwhile, the profits of publicly traded companies in base metals such as copper, aluminum iron and nickel are up 6%, on average.
The events in Cyprus disturbed the nascent positive sentiment in Europe and also had an adverse impact on base metal prices like copper.
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China is the world's largest consumer of base metals such as copper, and any signs that growth in the region is faltering tend to be taken negatively by investors.
Examples of these resources include oil, natural gas, precious metals (particularly gold and silver), base metals such as copper and nickel, and other resources such as diamonds, coal, lumber and even water.
Further, several analysts said the long-term direction of copper and other base metals will hinge more on the economies and demand from major consuming nations.
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However, the net long rose for copper, the one base for which the CFTC compiles weekly data.
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Meanwhile, the funds extended their net short position for copper, the lone base metal included in the data.
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However, aside from copper, many of the base metals have already fallen near their marginal cost of production, which should provide a floor, Bhar added.
Freeport will keep investing in brownfield copper and gold assets to lower its cost base.
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During May, speculators trimmed their net-long positions in both base and precious metals, eventually going net short in copper.
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The shoe monument, made of fiberglass and coated with copper, consists of the shoe and a concrete base.
Copper prices should also outperform the rest of the base metals complex because of the tight supply situation.
Its old copper network, still 40% of its customer base, is not fast enough but FiOS is faster than most consumers need.
Three-month copper slumped 2.3% on the London Metal Exchange, leading the decline for base metals.
Or you can take a look at the PowerShares DB Base Metals (NYSE: DBB) ETF, which has exposure to futures contracts on aluminum, zinc and copper.
McEwen said the company has a large resource base of 7 million ounces of gold, 230 million ounces of silver and 18.5 billion pounds of copper, the latter through the Los Azules copper project in Argentina.
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Although BNP Paribas looks for strength in base metals next year, it lowered its fourth quarter 2012 and first quarter 2013 price outlooks for aluminum, copper, lead, nickel, tin and zinc from previous forecasts after price weakness earlier this year.
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