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Copper saw slight gains on the London Metal Exchange, climbing 0.1 percent to reach $5,971.50 a tonne, according to Reuters.
Copper saw slight gains on the London Metal Exchange, climbing 0.1 percent to reach $5,971.50 a tonne, according to Reuters. The increase comes amid a softening dollar, yet demand is expected to slow as well, capping the increase.
“There’s still a bit of cloudiness around underlying Chinese demand, which is creating a bit of uncertainty in the market, with the strong seasonal period coming to an end,” said Daniel Hynes, analyst for ANZ in Syndey, the source reported.
China is the world’s largest producer and purchaser of copper, and a recent lowering of the country’s 2015 economic growth forecast by China’s central bank has furthered expectations of dwindling demand.
Meanwhile, copper for July delivery on the Comex division of the New York Mercantile Exchange is up 1.82 percent, trading at $2.76 a pound, Investing.com reported.
