Indian demand for copper rose to 512,000 tons in 2007/08, a 15% increase over the last two years, but is expected to grow only 6 to 7% for the current year, and 8 to 9% in 2009. Meanwhile, factory output fell 0.4% in October, the first drop in over a decade.
"There is a distinct slowdown in fresh investments due to the unavailability of capital and the reduction in business confidence," said the International Copper Promotion Council's India office.
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