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Reuters reports that after absorbing an initial hit from China’s surprise interest rate hike, copper returned to a slightly firmer finish on Tuesday.
Reuters reports that after absorbing an initial hit from China’s surprise interest rate hike, copper returned to a slightly firmer finish on Tuesday.
The market news is quoted as saying:
The move caused a knee-jerk retreat in copper prices, which have rallied to successive record highs since the start of the February as investors priced in a more robust demand outlook against a backdrop of supply constraints. But when the dust settled, buyers bought back in and boosted copper prices back above the $10,000 level– endourcing the market’s anticipation of a stronger Chinese presence this year.
