Copper Pulls Back on Friday with News of Chinese CPI

Bloomberg reported that copper fell back sharply on Friday, nearly eliminating its weekly gain, pulled back by higher-than-expected Chinese CPI.

As quoted in the market report:

You need sustained good news coming out of China suggesting that we’re in the recovery phase now, and the same in the U.S., before we can trade above $8,100,” Jesper Dannesboe, an analyst at Societe Generale SA in London, said by phone. “The market has been long for some time already, so maybe it’s just consolidating a bit.

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