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NEW YORK (AP) - Selling undercut both base metals and precious metals futures Monday, leaving copper and platinum with sizable price declines.
On the New York Mercantile Exchange, copper was hit by selling due to technical factors, analysts said. The most active July copper contract settled 10.7 cents lower at $3.4970 per pound.
"We're seeing a good bit of long liquidation and good amount of technical selling, continuing a correction from the recent highs," said Dave Meger, senior metals analyst with Alaron Trading. The July futures hit a life-of-contract high of $3.8070 on May 4.
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