The price of copper on the international market recorded a marginal rise of 0.2 percent yesterday on the back of tight supply in China’s domestic market despite a stronger dollar and expectations of high supply next year.
According to Reuters, three-month copper on the London Metal Exchange (LME) edged up to US$4,644 a tonne by 0104 GMT, after posting a small loss in the previous session.
However, copper prices on LME are bouncing along close to one-month low of US$4,623.25 a tonne recorded on October 14.
In other markets, the price of copper, which is Zambia’s main export, remained unchanged on the Shanghai Futures Exchange, trading at 37,160 yuan (US$5,493).
Reuters says hedge funds and money managers swung to a net short position of 13,952 lots in copper, United State Commodity Futures Trading Commission data showed on Tuesday.