Traders Close out Bets Over Supply Concerns, Give Copper a Boost

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.

To view the whole Bloomberg report, click here.