LONDON – Industry barometer copper rallied as much as three percent on Friday on bargain-hunting and strong fundamentals after a mid-week purge by hedge funds that slashed the price by 16 per cent at one point, analysts said.
Strong demand, especially from China, and tight world supply after years of under-investment in new mine production had been ignored during the two-day slump in the price of a metal widely seen as a marker for the health of global industrial demand. By 1210 GMT on Friday London Metal Exchange benchmark three months copper had rallied to US$2,805/15 a tonne after trading as high as US$2,840 (N$18,74) from Thursday’s close at US$2,749 and a low point for the week of US$2,660.-Nampa-ReutersBy 1210 GMT on Friday London Metal Exchange benchmark three months copper had rallied to US$2,805/15 a tonne after trading as high as US$2,840 (N$18,74) from Thursday’s close at US$2,749 and a low point for the week of US$2,660.-Nampa-Reuters
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