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Copper stages price recovery after six-day negative trend

Bnamericas Published: Wednesday, May 11, 2016
Copper stages price recovery after six-day negative trend

After close to a week of falling prices, copper climbed on Wednesday in London, on the back of strong Chinese stock markets and comments made by global producer Glencore.

Spot copper closed 0.81% higher at US$4,748/t (US$2.154/lb) on the London Metal Exchange from Tuesday's US$4,710/t, according to Chilean state copper commission Cochilco.

"Positive Chinese stock markets and considerably higher oil prices are helping base metal prices to embark on a recovery movement," said a note from Commerzbank.

The German lender said that metals are also finding support from recent comments made by commodities giant Glencore, which has said that some metal markets, particularly zinc and copper, will see structural supply deficits because of the quality of the resources and the tight supply brought about by low prices.

"We share this assessment and anticipate higher metal prices in the medium to long term," said the note.

Aluminum closed 1.1% higher on Wednesday at US$1,560/t, while lead rose 2.0% to US$1,784.50/t and nickel was up 1.7% at US$8,780/t. Zinc rose 2.3% to US$1,890.50/t, tin was 0.6% higher at US$17,350/t and molybdenum was steady at US$15,300/t.

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