Strong demand lifts Shanghai copper
China Daily | Updated: 2009-12-02 08:04
SINGAPORE: Copper rose almost half a percent in London and Shanghai yesterday, underpinned by strong business activity data out of China and easing fears of a credit squeeze sparked by Dubai World's debt problems.
"It (the Dubai crisis) won't affect copper for too long either - we are already bouncing back towards $7,000. Investors seem positive towards copper for 2010 and I don't think there are a lot of people out there ready to sell on signs of strength." Barclays Capital analyst Yingxi Yu said.
Recent trading activity suggests the market views dips as an opportunity to buy in. On Friday, copper fell around $200 to $6,620 a ton on the London Metal Exchange, but had recovered by the close of trade to $6,855, up $34 on the day.
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