Copper fell for the first time in three days on Tuesday after rising eurozone bond yields backed mounting concerns that the region's debt crisis will spread and disrupt the global recovery. But losses were quickly reversed in after-hours trade, tracking a positive reversal in US equities and fuelled by some shorter-term technical indicators that could keep copper prices pushing higher in the days ahead.
The key December COMEX contract settled up 1.35 cents at $3.5015 per lb, after dealing between $3.4540 and $3.5215. A brief poke above its 50-day moving average, as well as a developing ascending triangle formation on the charts, copper's technical picture looked bright. Nickel prices fell to a six-week low of $17,560 a tonne, before ending off $250 at $17,550 - well within reach of 17-month lows below $16,800.
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