AdvertisementCopper prices rose to a two-week high on Friday on concerns about a decline in inventories in Shanghai and some easing of worries about an economic slowdown in the United States.
Benchmark copper on the London Metal Exchange ended the official session at $7,000 per tonne, up from $6,880 at the close on Thursday. Earlier on Friday it touched $7,065, the highest since November 16.
At the New York Mercantile Exchange's COMEX division, most-active March copper futures ended up 9.05 cents, or 2.9 per cent, at $3.1845 a lb, near the upper end of its $3.0875 to $3.1950 session range.
Inventories monitored by the Shanghai Futures Exchange fell 10,417 tonnes in the week ending on Thursday, after a 21 per cent fall the previous week.
Expectations this week of a cut in benchmark interest rates by the US Federal Reserve to boost economic growth, and perhaps even stave off a recession, have helped equities and copper, widely used in the power and construction industries.
Copper prices have fallen more than 15 per cent since the beginning of October and more availability of material can be seen in the $45-a-tonne discount for cash material over the three-month futures contract.
Early October buyers would have had to pay a premium of $80.
THE AGE
MRX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
