Reuters reported that copper rebounded on Friday to its highest price in nearly four months.
Reuters reported that copper rebounded on Friday to its highest price in nearly four months. Three factors assisted in giving the red metal a boost, including the possibility of weak US jobs data increasing chances of the Fed announcing a round of QE3; China approving $157 billion worth of infrastructure spending and the ECB’s announcement of a potentially unlimited bond buying plan.
As quoted in the news release:
Three-month copper on the London Metal Exchange ended at $7,990 a tonne, from a last bid of $7,700 on Thursday, having earlier hit the psychologically important $8,000 a tonne, its highest since mid-May.