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With an ongoing trade war between the United States and China, copper prices reported a 15 percent loss in the last five weeks.
A weaker dollar and the upcoming Chinese New Year continue to influence the prices of base metals.
Although copper production may drop down this year, growth is still expected from a major copper producer, Peru.
Global commodities traders are now stashing their metals in less-documented locations in Asia in order to reduce scrutiny of their positions in the market.