Copper rose 2.9% to $3.58 ($7,876) a tonne on the Comex market in New York during the Friday morning session.
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“Industrial metal prices may have undershot as the market mood shifted sharply from extremely bullish to bearish,” said Julius Baer analyst Carsten Menke.
“While China’s lockdowns remain a wild card, we believe the worst in terms of Chinese growth is behind us.”
Analysts expect a tight supply situation to ease, having marked down estimates for a global deficit this year to 30,000 tonnes, less than a third of the 110,000 tonnes forecast in the April poll.
(With files from Reuters)
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