Copper Gains 1.2 Percent to Hit $5,736 a Tonne

- February 24th, 2015

Copper on the LME continued its recovery from mid-January’s low and grew 1.2 percent to $5,736 a tonne, according to Reuters.

Copper on the London Metal Exchange (LME) continued its recovery from mid-January’s low and grew 1.2 percent to $5,736 a tonne, according to Reuters. A strong dollar limited gains, and uncertainty about Chinese market behavior contributed to muted performance.

China is the largest copper consumer, but the markets there have been closed for the Lunar New Year. The markets reopen Feb. 25, and investors will watch copper performance closely. ANZ Sydney analyst David Hynes remarked, “While the price is still relatively undervalued, I don’t think it will be enough to entice the Chinese back.”

Comex Copper dipped 0.36 percent to $2.577 a pound, Investing.com reported.

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