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Copper declines on Goldman metals outlook, Caterpillar earnings

Posted on 25 July 2013

Copper futures fell, snapping the longest rally in nine months, after Goldman Sachs Group Inc. said surpluses will weigh on mined commodities and Caterpillar Inc. reported disappointing earnings.
Goldman Sachs pared estimates on prices of industrial metals including nickel, lead and zinc, and said copper’s surplus may almost double in two years. Caterpillar, the world’s largest manufacturer of mining and construction equipment, cut its earnings forecast and posted profit that trailed analysts’ estimates for a third straight quarter. The Standard & Poor’s 500 Index dropped as much as 0.6 percent………………………………………..Full Article: Source


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