Copper Rises to $7,194.25 on Profit Taking

Three-month copper on the London Metals Exchange rose 0.2 percent or $14.39 to $7,194.25 a tonne on Monday, according to The Wall Street Journal.

“Speculative profit taking supported the initial rally in copper this morning, however, fresh selling interest entered the market around the $7,200 level,” Vicky Sanders, head of analytics sales at Marex Spectron, told the Journal.

Copper for March delivery on New York’s Comex fell 0.1 percent or $0.025, to trade at $3.269 a pound, according to The Wall Street Journal. Investors were concerned about the contraction in Chinese manufacturing recently reported as well as a pattern of selling in global equities markets. These worries are likely to remain pertinent, “with growth prospects in China still a concern,” brokers with RBC Capital Markets said in a note.