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Copper tumbles while gold rallies after China devalues yuan

© Reuters. Copper tumbles more than 1%, gold tops $1,110 on China policy move - Copper prices fell sharply on Tuesday, while gold rallied to the highest level in three weeks, after China devalued its currency in a surprise move.

China's central bank devalued the yuan by nearly 2%, allowing the currency to fall to levels last seen in 2012, in an effort to make the country's exports more competitive and boost the economy amid lackluster growth.

Copper for September delivery on the Comex division of the New York Mercantile Exchange dropped 4.4 cents, or 1.81%, to trade at $2.356 a pound during European morning hours.