Copper to Gain on Seasonal China Demand

Reuters reported that LME copper is headed for weekly gains, even though prices dipped slightly on Friday. Copper for three month delivery dipped 0.2 percent to $6,680 a tonne by 0227 GMT. Prices could rise by 0.6 percent this week.

As quoted in the publication:

In China, copper demand has shown a slight improvement this month on the back of orders from manufacturers ahead of the Christmas and Lunar New Year sales season, traders said. That, and tentative signs of economic growth have broadly provided some support to metals prices.

James Glenn, analyst at National Australia Bank in Melbourne, told Reuters:

We have had some positive drivers in the past few days. Better-than-expected earnings in the United States, Germany’s PMI.. Chinese data that was a bit better than expected.

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