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Traders Close out Bets Over Supply Concerns, Give Copper a Boost
Jul. 03, 2013 05:08AM PST
Base Metals Investing Bloomberg reported that copper gained ground on Wednesday as traders closed out bets on concerns over supply.
Bloomberg reported that copper gained ground on Wednesday as traders closed out bets on concerns over supply.
As quoted in the market report:
Copper for delivery in three months climbed 0.5 percent to $6,946 a metric ton by 10:55 a.m. on the LME. Metal for immediate delivery was at a $1.50-a-ton premium to the three-month contract, narrowing from as much as $18 yesterday, the widest backwardation in a year. Copper for delivery in September rose 0.2 percent to $3.149 a pound on the Comex in New York.
