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Copper Rises on Thursday, Joining Other Industrial Metals, Outlook Pessimistic

May 26, 2016 at 21:56 by Vladimir Vyun

Copper settled higher during the Thursday’s trading session but struggled to extend the rally during the opening hours of the Friday’s session. The metal profited from the drop of the US dollar and the positive market sentiment fueled by the rally of crude oil. Yet experts thought that the demand outlook remains negative for the industrial metal. While seasonal consumption is high in China right now, the helpful factor is going to fade soon. Without it, copper will face the same problems as other commodities, including the struggling global growth. And many analysts believe that the commodity complex will have hard times in the second half of 2016.

COMEX futures for delivery of copper in July rose from 2.102 to settle 2.1025 on Thursday and stayed near that level as of 21:47 GMT.

Reuters reported that other industrial metals rallied as well on the London Metal Exchange:

Aluminium was up 0.7 percent at $1,555.5, zinc gained 2.2 percent to $1,876, lead rose 2.5 percent to $1,676, tin climbed 1.4 percent to $15,850 and nickel added 0.5 percent to $8,400 a tonne.

If you have any questions and comments on the commodities today, use the form below to reply.

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