Melbourne: London copper on Monday edged higher from the $7,000 level that has marked support so far this year, as an upbeat mood among Japanese manufacturers added to a brightening picture for global metals demand.
A resilient property market in China and a pick up in global manufacturing growth are adding to a rosier outlook for this year, said analyst Helen Lau of broker Argonaut Securities in Hong Kong.
"The global economy is stronger, so China´s exports will be better than last year. Unless China has a major policy to tighten the market, we think the demand picture overall will be slightly more optimistic this year." In the near term, however, a seasonal soft patch between Christmas and the Lunar New Year in mid-February, and the potential for a dollar rally could also pressure prices of some metals.
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