Copper climbs

Melbourne/Sydney : London copper on Wednesday moved away from a two-week low struck in the previous session, buoyed as the dollar softened and the World Bank issued a solid view of global economic growth.

Standard Chartered said investors should wait until late in the first quarter to buy into the sector, particularly zinc and copper, given net-long investor positioning, a typical first quarter surplus and the likelihood of liquidation ahead of Lunar New Year.

"We think there is limited risk/reward for fresh long positions in the short term," it said in a report.

"We recommend that investors seek buying opportunities for some metals (on a fundamental basis) in the aftermath of any such Lunar New Year positioning consolidation."

London Metal Exchange copper had edged up 0.3 percent to $7,121 a tonne by 0541 GMT, neutralising losses from the previous session when prices tipped their lowest since Dec. 22 at $7,086.