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Copper loses shine for investors on China's mixed recovery

Fund outflows increase after an early bump from lifting of COVID restrictions

Copper is an essential material for electric cars and the infrastructure needed to power them.   © Reuters

NEW YORK -- Investors have cooled on copper despite better than expected economic growth in China as they weigh the outlook for manufacturing and construction in the world's biggest consumer of the metal.

Global copper funds saw a net outflow of $150 million in April after a net inflow of $1.3 billion for the first three months of 2023, data from market research firm EPFR shows. The week of April 19 brought the biggest outflow since last June, and the second-biggest weekly drop since the start of 2020.

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