Copper up

May 28,2016

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Reuters

Melbourne

London copper rose on Friday, helped by a rebound in China steel, but expectations that a likely hike in U.S. interest rates in the next two months will boost the dollar kept prices on track for their worst month in half a year.

Concerns about faltering growth in top metals user China pressured copper.

Profit growth at China's industrial firms slowed in April, in line with other data for the month which suggested the economy may be losing steam again after picking up earlier in the year.

"I still have the opinion demand is in bad shape and if the dollar strengthens then that will be enough to push it lower," said Dominic Schnider of UBS Wealth Management in Hong Kong.

"$4,400 is a price we can think about in an environment of broad dollar strength and Asia´s growth still struggling to find a floor."


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