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Purchases from other nations; the US and Japan are also powerhouses when it comes to copper consumption, will more than offset any potential decrease in Chinese consumption. As economies around the globe get back on track, the global copper market is anticipated to move into a deficit this year. Contributing to copper’s ascent was …
Purchases from other nations; the US and Japan are also powerhouses when it comes to copper consumption, will more than offset any potential decrease in Chinese consumption. As economies around the globe get back on track, the global copper market is anticipated to move into a deficit this year.
Contributing to copper’s ascent was a softer US Dollar; coupled with stronger foreign currencies. The biggest boost, although, came from cancelled warrants. Cancelled warrants represent metal generally earmarked for delivery. Cancelled LME copper tonnage stood at 16,400 metric tonnes as of Tuesday, up from 3,125 at the beginning of last week. Most-active May copper rose 8.10 cents, or 2.63 per cent, to $3.1635 a pound on the Comex division of the New York Mercantile Exchange. The contract peaked at $3.1990 overnight, its strongest level since January 28.
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