Risk-on rally pushes copper price towards a 3% weekly gain
Data also showed on Friday that euro zone industrial production grew three times more than expected in June.
Copper for delivery in September fell 1.4% on the Comex market in New York Friday afternoon, touching $3.65 per pound ($8,030 per tonne).
[Click here for an interactive chart of copper prices]
“We’ve had a strong rebound based on short-covering and momentum buying,” independent analyst Robin Bhar said in a note.
“Recession fears are there, but they seem to have been already priced in. We don’t really have the cushion we’d usually have with inventories.”
A total of 231,000 tonnes of copper are stored in warehouses monitored by the LME, the Shanghai Futures Exchange, and the COMEX exchange in New York, down from about 375,000 tonnes a year ago.
(With files from Reuters)
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