Copper Edges Up to $6,528.25 per Tonne as Traders Buy Back the Metal

Copper on the London Metal Exchange for delivery in three months rose 0.9 percent or $58.75 to $6,528.25 per tonne today, according to Bloomberg. As prices fall, traders are buying back the metal they sold, according to the news source. Traders were also adding new long positions after the price slump, and weighing the potential for sanctions against Russia as Crimea voted to join the country.

“After such a big sell-off, you normally get a bounce as short-term specs take some profit on their short positions,” Jesper Dannesboe, a senior commodity strategist at Societe Generale SA in London, said in an email Bloomberg quoted.

Copper for May delivery rose 0.8 percent or $0.024 to $2.9745 a pound.