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Copper hits 10-week high in LME officials

July 01, 2011 - 13:28 GMT Location: London

KEYWORDS: copper , aluminium , zinc , lme , official session

Copper’s official price rose above $9,400 per tonne for the first time since April 26 on the London Metal Exchange on Friday, as short-covering continued

But after the relief buying that followed the ‘yes’ vote on Greek austerity measures, the market can again look to worrying trends in other regions. “Copper and zinc have both seen decent buying since the London open as technical players continue to cover shorts, but gains have been capped on renewed concerns about Chinese growth and the end of QE2 in the US,” an analyst said in a note. China’s manufacturing PMI data came in below expectations, falling to a 28-month low, as tighter monetary policies influence industrial activity. “However, we would not...

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Comment & analysis

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