Copper prices rebounded from an intraday low of $6,910 per tonne.
Copper prices took a hit in London early in the session on November 19 due to uncertainty over the future of the U.S. Federal Reserve’s stimulus program. The red metal recovered later in the session.
Three-month copper on the London Metal Exchange increased to $6,986.25 a tonne, up $13.97 from the previous session, Reuters reported. However, copper sank to $6,910 a tonne earlier in the session today, the lowest level since Aug. 7.
Investors were selling copper on expectations of less liquidity if the Fed tapers its stimulus, the source said.
“The small rebound from the new lows this morning was due to opportunistic buying, but uncertainty over stimulus tapering is still dominating headlines and it will still happen in 2014,” VTB Capital analyst Andrey Kryuchenkov said.
Copper prices in New York also sank this morning before recovering. Copper futures for December delivery were last up $0.19 to $3.17 a pound on the Comex, The Wall Street Journal reported.