Beijing : London copper prices climbed for a second day on Tuesday on a weaker dollar and as global equities bounced back from two-month lows seen last week.
The boost came despite a recent build in both London Metal Exchange (LME) and Shanghai Futures Exchange (ShFE) copper inventories ahead of the week-long Lunar New Year holiday in China, the world´s top copper consumer.
Citibank analysts said in a note there were "minimal bullish supply and demand catalysts for copper in the near term".
"We generally expect markets to stabilise given the still-positive outlook for synchronised global growth; however, if the market rout turns into a more pervasive downturn, then commodities may be hit as a risk asset and via the channel," it added.
Three-month copper on the LME was up 1.1 percent at $6,905 a tonne at 0412 GMT, extending gains from the previous session, when it ended up 1.1 percent.
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