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Copper Rebounding As US Recession Fears Ease
Copper prices are rebounding ahead of the weekend with the futures market trading 3% up off the week’s lows. Fear over the health of the US economy have been a major headwind for copper prices recently, adding to bearish sentiment stemming from concerns around Chinese demand. Weakening Chinese industrial data in recent months has seen traders covering long positions in line with a falling demand outlook. As a result, industry data shows that expected Chinese copper demand growth this year has fallen to 1.2% from 2.9% prior. More recently, US demand forecasts have also been lowered in line with weakening US economic ... (full story)
