Copper in New York Drops as Much as 1.3% After China Rate Rise

Dec. 27 （Bloomberg） -- Copper in New York dropped as much as 1.3 percent to $4.2040 a pound today after China raised interest rates for the second time since mid-October to cool inflation.

The People's Bank of China increased key one-year lending and deposit rates by 25 basis points on Christmas Day. The change took effect yesterday.

The March-delivery contract traded 0.8 pecent lower at $4.2255 a pound by 8:28 a.m. in Shanghai.