Copper hits 3-month high
Copper rose this week to its highest in nearly three months as expectations of increasing demand from China and the United States boosted market sentiment.
A strong trigger for higher levels in afternoon trade was European Central Bank President Jean-Claude Trichet who said the ECB “has decided to suspend rating requirement for Portugal”
“The market is in a risk-on mode,” said Nick Moore, global head of commodity strategy at RBS Global Banking and Markets.
“There are expectations that the Chinese will come back to the market, they can’t keep drawing down inventories Trichet’s comments on the ECB not applying rating agency numbers too closely gave a bit of breath to the EU situation.”
