Slowdown in China saps oil, copper prices

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Associated Press

Posted on October 3, 2012 at 2:01 PM

Updated Wednesday, Oct 3 at 2:02 PM

NEW YORK (AP) — Prices for energy and copper are falling following the latest signs that China's economy is slowing down.

China, which is a huge importer of basic materials, reported that its services sector expanded at a slower pace in September. Days earlier, the country also reported a slowdown in manufacturing.

Energy prices dropped sharply as a result. Crude oil fell $3.75 to $88.14 per barrel in New York Wednesday. It was the biggest decline since May 4. Other energy futures also fell.

Copper, another commodity that is highly sensitive to changes in China's economy, fell 1.7 cents to $3.7840 a pound. Other metals prices were mostly higher.

Wheat and soybean futures rose slightly. Corn futures fell.

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