Copper prices rise after new losses

Copper on the London Metal Exchange rose 0.5% after a sharp drop in quotes in previous sessions. The metal on the LME with a 3-month supply is $ 6,918.00 per tonne.

Chinese customs announced on February 8 that imports of raw copper and copper products in January 2018 increased by 16.1 percent MoM to 440,000 tonnes.

High metal prices are also supported by a weak dollar and are rising in Asian stock markets, brokers say.

On Wednesday (February 7), copper on the LME fell $ 196, or 2.8 percent, to $ 6,880 per tonne. This is the largest decline in prices since December 5, 2017 and the lowest prices for metals since December 14.

In the previous two sessions, copper on the LME lost 4 percent. “The deteriorating sentiment in the stock markets in the previous days has also permeated the metals markets and put strong pressure on copper prices,” said Carsten Menke, analyst at Julius Baer Bank.