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Copper rebounds on bargain hunting after steep fall

  • Three-month copper on the London Metal Exchange (LME) gained 0.8% to $9,866 a tonne in official trading, having lost as much as 3.8% in the previous session.
Published June 4, 2021
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LONDON: Copper prices rebounded on Friday as investors scooped up material at lower prices after heavy losses the previous day on fears that strong US economic data could spur tighter monetary policy.

Three-month copper on the London Metal Exchange (LME) gained 0.8% to $9,866 a tonne in official trading, having lost as much as 3.8% in the previous session.

Copper hit a record peak of $10,747.50 last month, fuelled by optimism over global economic recovery and new demand from an expected green revolution including the shift the electric vehicles.

"It's bouncing today because of bargain hunting. The overall attitude is still bullish for industrial metals and commodities in general," said Julius Baer analyst Carsten Menke in Zurich.

"The fundamentals for industrial metals are good, but expectations have been excessive as to where prices should be based on the fundamental backdrop."

In China, prices fell to their lowest in nearly six weeks, with the most-traded July copper contract on the Shanghai Futures Exchange dropping as much as 3.6% to 70,470 yuan ($11,001) a tonne.

After new US claims for unemployment benefits slid more than expected on Thursday, investors will be eyeing US non-farm payrolls data due later on Friday for clues on economic recovery and whether the Federal Reserve will withdraw stimulus.

Curbing gains in the metals market was a firmer dollar index, which was holding near a three-week high, making commodities priced in the US currency more expensive for buyers using other currencies.

Russian metals producer Nornickel has resumed ore mining at the second of its two mines hit by flooding this year, it said on Friday.

LME aluminium advanced 0.9% in official activity to $2,426.50 a tonne, zinc rose 0.5% to $2,998.50, lead dropped 1.3% to $2,144, nickel added 0.3% to $17,952 and tin was up 1.2% at $30,332.

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