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According to news, New York copper fell back on Tuesday after a two-day winning streak, rekindling
concerns about the economic growth of China, the top consumer.
The most actively traded March copper contract closed down 95 cents at $
2.
1055 a pound.
China's central bank cut the renminbi's midpoint against the dollar on Tuesday, adding to concerns about
the growth of the economy and demand in China, the largest consumer of the metal.
Several negative news hit the market, raising concerns
about global demand for raw materials.
Mining giant BHP Billiton posted a loss
for the first time in 16 years.
BHP Billiton announced on Tuesday that it posted a net loss of $5.
67 billion in the six months to the end of last year, its first half-year loss in more than 16 years, and cut its interim dividend by 75 percent, its first since 1988
.
The cut also represents the end of BHP's commitment to gradually increase its dividend payout, which allows the company to maintain or increase it when it releases results every six months
.
In addition, Noble Group issued a profit warning and will suffer losses in the fourth quarter and full year due to a huge impairment expense
of up to $1.
2 billion.
Analysts said that from the recent rally, although the price action is impressive, the volume is more volatile, looking ahead, analysts believe that copper prices may continue to rebound near the end of the year, will depend on production cuts and whether China's economy can begin to stabilize.