Reuters reported today that copper prices rose on Monday as some investors saw the metal as oversold. However, those gains were capped on news that new home prices in China had fallen yet again.
As quoted in the publication:
Three-month copper on the London Metal Exchange closed up 0.5 percent at $6,905 a tonne, rebounding from losses of up to 5 percent this month. The price fell by 1.8 percent last week alone, touching $6,821 on Thursday, its lowest since June 23.
ANZ strategist Daniel Hynes told Reuters:
In our view, fundamentals are improving, which opens up the scenario of upside surprise…