Copper Prices Dip on Indonesian Supply News, Supported by Chinese Data

Reuters reported today that copper prices slipped slightly on news that Freeport-McMoRan Inc. (NYSE:FCX) had signed a deal with the Indonesian government. Prices were still supported by strong economic data from China, according to Reuters.

As quoted in the publication:

Benchmark London Metal Exchange copper dipped after news that supply could improve with Indonesia potentially exempting some shipments of concentrate from its export ban. Copper hit an intraday high of $7,198.25 per tonne, not far from a 4-1/2 month high of $7,212 hit in early July, before trading at $7,132 a tonne at 1418 GMT, down 0.4 percent.

Vivienne Lloyd, base metals analyst at Macquarie, said:

We had a good day yesterday on the back of Chinese PMI data, which boosted all the base metals. Today is about consolidating gains for copper.

Click here to read the full Reuters article.