Copper near one-week high

December 08, 2015

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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.

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