Copper Flat on IMF Forecast

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    Copper has hit a two-week high before ending flat as investors saw oil prices give back their gains and weighed a weak demand outlook against an industry group's forecast for a deficit of metal next year.

    Dimming copper demand prospects, the International Monetary Fund cut its global growth forecasts for a second time this year on Tuesday, while data showed German industrial output fell in August at its fastest pace in a year.

    "The outlook is still quite bearish, the biggest risk is of course on the demand side with China," said SP Angel analyst Sergey Raevskiy.

    But Raevskiy said copper was building a price floor.

    "We've had prices hovering around $US5,000-5,500 and Glencore saying they're going to cut production. If prices go below $US5,000 expect more of those kinds of statements."

    Three-month London Metal Exchange copper ended flat at $US5,186 a tonne versus a previous close of $US5,185. The metal touched $US5,270 earlier - its highest since September 21, with prices having stabilised since touching six-year lows below $US5,000 in August.

    The Shanghai Futures Exchange was closed and will re-open on Thursday.

    Nickel rose 2.1 per cent to $US10,170; tin lifted 1.8 per cent to $US16,025; aluminium gained 1.5 per cent to $US1,577; zinc climbed 2.3 per cent to $US1,693; and lead ended up 2.8 per cent at $US1,674.

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