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copper (2)

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Will Credit Cause A Slowdown

Saxo Bank thinks a slowdown in credit growth is bad news

IF THERE is a consensus at the moment, it is that the global economy is finally managing a synchronised recovery. The purchasing managers' index for global manufacturing is at its highest level for six years; copper, the metal often seen as the most sensitive to global conditions, is up by a quarter since May

But Steen Jakobsen of Saxo Bank thinks…

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The investigation is looking into whether single cargoes of metal were used multiple times to obtain financing, according to industry sources. Trading houses and banks have sent executives to the port to physically check on their exposure, while some banks have stopped new metal financing to some clients in China. Traders said holders of copper in Qingdao that were having difficulty obtaining finance could also be forced to deliver

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