Copper Gets a Pick-Me-Up

Copper market update. Copper in London experienced a pretty significant boost last week, climbing 1.1% to $7279 per tonne. The rally was fueled by some weakness in the dollar, which has been pretty strong. Also, Japanese data shows a 3.5% growth rate, which is higher than the 2.8% rate many were expecting. Also, some believe appreciation in the Chinese Yuan will boost imports. However, an analyst from a state-owned Chinese firm believes copper will fall 16% by the end of the 3rd quarter. Bloomberg reports copper prices currently on the rebound, but does expect a pull back from late June through the rest of the summer. Read more…