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Copper falls

Copper fell to its lowest point so far this year on the London Metal Exchange yesterday as trade tensions continue and markets reacted to slower manufacturing data out of China for June.
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Bellwether metal lower on LME

Staff reporter

The gold price has also continued to head lower, dropping below US$1,240 an ounce on the spot market earlier as the US dollar holds strong.

The S&P500 closed up although copper major Freeport-McMoRan (NYSE:FCX) closed down 0.58%.

Toronto was closed for the Canada Day public holiday yesterday and the US is gearing up for its Independence Day celebrations tomorrow.

European indices were lower yesterday and in London, Rio Tinto (LSE: RIO) ended the day down 3.23% and Glencore (LSE: GLEN) lost 3.5%.

In Australia, miners Iluka Resources (ASX: ILU) and Western Areas (ASX: WSA) were among the larger capitalised stocks posting the biggest falls on the benchmark S&P/ASX200 in afternoon trade.

Mineral sands miner Iluka was down more than 4% at the time of writing and nickel miner Western Areas followed the base metal price lower, down more than 3%.