Copper near one-week high

 
December 08, 2015

Share Next Story >>>
Melbourne
London copper climbed on Monday as a weaker dollar forced a heavily short market to cover, but traders said the move appeared to be a technical rally rather than signalling any fresh buying.
"People are shorting metals markets for many, many reasons including bearish position on China - the markets are vulnerable to short-covering," said analyst Dan Morgan at UBS in Sydney.
Three-month copper on the London Metal Exchange climbed 0.6 percent to $4,639.50 a tonne by 0711 GMT, adding to a 1.2 percent gain from the previous session when it touched its highest in a week. Copper hit its lowest in more than six years below $4,450 on Nov. 23.
Shanghai Futures Exchange copper jumped by 2.2 percent to 35,330 yuan ($5,514) a tonne.
Hedge funds and money managers added to their net short position in COMEX copper contracts in the latest week, US Commodity Futures Trading Commission data showed on Friday.


More From Business