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Copper Pares Last Week’s Losses

April 7, 2014 at 16:39 by Andriy Moraru

Copper recovered all of its loss generated during the first week of April today. The metal gained during a majorly bearish commodity market, pressured by an overall decline in risk appetite.

Not so long ago, copper reached its new multi-year level of 2.893 per pound on March 19. It is rising in a rather weak uptrend since then. The commodity failed to demonstrate some significant rally based on an extraordinary strong earthquake that had hit Chile on April 1. Chile is the biggest producer of copper, so it was rather natural to expect some positive tendencies in its price following such a major disruption event.

Today, this industrial metal is rising partially due to the news from the Japanese smelting plants. It has become known today that they plan to increase production during the next 6 months to meet the rising demand for copper in country’s infrastructure projects. The estimate for output growth is 4.4 percent until September this year.

Copper spot rate rose from $3.0155 to $3.0288 per pound as of 16:39 GMT today. It reached as low as $2.9675/pound during today’s trading session.

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