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CORRECTED - Copper prices drop in London but China data and Fed optimism limit the downside

London copper prices fell on Wednesday after reaching their highest level in over five months. However, positive Chinese economic data, and optimism about U.S. interest rate cuts, helped to limit the decline.

As of 0418 GMT, the London Metal Exchange's three-month copper was down by 0.12% to $9,969. The contract reached its highest level since the beginning of March when trading began, but was delayed 90 minutes in Asia. The cause of the delay was not immediately known.

The Shanghai Futures Exchange's most traded copper contract rose by 0.5%, to 80,180 Yuan ($112,094.44) per ton.

The survey of purchasing managers of China's manufacturing industry, which showed an increase in August due to new orders, indicates a better outlook for industrial metals.

Other London metals include aluminium, which fell by 0.27%, to $2.612 per ton. Tin also dropped by 0.27%, to $34,640. Zinc eased down to $2.861, while lead was off 0.05%, at 1,993. Nickel edged up to $15,235, with a 0.02% increase.

SHFE aluminium rose 0.14%, to 20,745 Yuan. Lead strengthened 0.06%, to 16,885 Yuan. Zinc climbed 0.11%, to 22,290 Yuan. Nickel eased 1.32%, to 121530 Yuan. Tin lost 0.64%, to 272,600 Yan.

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(source: Reuters)