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Nov. 14 (Bloomberg) -- Copper, little changed today in London, may stay close to a six-year high as the dollar declines against currencies such as the euro, spurring investors to buy dollar-priced commodities as a hedge against further devaluation.
The dollar is heading for its biggest weekly decline against the euro in six months, after the U.S. trade deficit widened. The $8 trillion economy of the 12 nations that share the euro are today expected to report that growth resumed in the third quarter, according to a Bloomberg News survey of 25 economists.
``Most market commentators believe that a weaker dollar is good for metal prices,'' John Kemp, an analyst at Sempra Metals, said in a note. Still, ``if a weakening dollar starts to impact adversely on economic growth by driving up interest rates and hampering the recovery in Western Europe, Japan and Southeast Asia it could have negative implications for metal demand.''
Copper for delivery in three months was $6 lower at $2,076 a metric ton in electronic trading on the London Metal Exchange at 8:14 a.m. That's close to the $2,103 it reached last week, a six- year high. Copper has gained 33 percent this year, its best performance since 1994.
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