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Copper rebounds on technical signals and lower LME stocks
Copper prices rose in London on Friday as technical factors and lower available stocks supported recovery from the previous session’s six-week low, though gains are likely to be kept in check by cautious trading ahead of the Chinese New Year. Three-month copper on the London Metal Exchange (LME) rose 0.6% to $8,359 a metric ton by 1129 GMT, heading for a weekly gain of 0.2% to end three weeks of declines. It hit $8,245 on Thursday for its lowest since Dec. 6. “In the here and now, wider risk markets and some of our metals are exhibiting oversold technical pictures with some short-term buy signals,” said Al ... (full story)