Copper prices rose in today’s trading after falling about 2% yesterday as high inventories of the red metal and a strong dollar weighed on prices.
The most active copper futures price on the London Metal Exchange rose 1.05% to $12,752.5 a tonne, after falling 1.8% yesterday.
This comes amid sluggish trading in Asia following the closure of the Shanghai Futures Exchange due to the Lunar New Year holiday, which ends on February 23.
highest level
Copper stocks in warehouses approved by the London Metal Exchange rose by 9,775 tonnes to 221.63 thousand tonnes as of yesterday, an 11-month high.
Analysts at Goldman Sachs raised their average copper price forecast by 19% to $11,200 a tonne in the fourth quarter of this year, as demand for copper increases due to U.S. plans to create strategic reserves of the critical mineral.
Copper prices rose during today’s trading after falling about 2% yesterday as high inventories of the red metal and a strong dollar weighed on prices.
Copper futures, the most actively traded contract on the London Metal Exchange, rose 1.05% to $12,752.5 a tonne, after falling 1.8% yesterday.
This comes amid weak trading in Asia following the closure of the Shanghai Futures Exchange for the Lunar New Year holiday until February 23.
highest level
Copper stocks in licensed warehouses on the London Metal Exchange rose by 9,775 tonnes to 221.63 thousand tonnes as of yesterday, the highest level in 11 months.
Analysts at Goldman Sachs raised their average copper price forecast by 19% to $11,200 a tonne in the fourth quarter of this year, as demand for copper increases due to U.S. plans to create a strategic stockpile of the critical mineral.
