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Mixed trade for copper followed by six-week high.(Commodity Report)
FOLLOWING THE REVERSAL of its most recent rally, copper during the past month saw some mixed trade before soaring to a six-week high in mid-October. Continuing concern about supply disruptions and low global stocks have vied with the bearish influence of falling oil prices and worries about the global economy.
London Metal Exchange (LME) copper for delivery in three months time initially climbed to US$7,630 a tonne by 26 September after falling to US$7,210 a tonne on 15 September. The rise was supported by ongoing strike action at Inco's Volsey Bay mine in Canada. However, by 28th, the three-month price had dropped back to US$7,640 a tonne on news that China's copper …
