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LME ASIAN WRAP: Copper prices up on Spain banks bailout, China data
June 11, 2012 - 07:16 GMT
Copper prices on the London Metal Exchange rose in early Asian trading on Monday June 11, on a eurozone rescue package for Spain’s distressed banks and encouraging China data over the weekend.
At 04:03 London time, three-month copper was at $7,456 per
tonne, up $6.75 from its open. The contract touched a high of
7,506.75 and a low of $7,425 per tonne. "The news of a Spanish
banks bailout package and better-than-expected China trade
figures boosted copper prices," a category II member said.
"Copper may pick up slightly to $7,600 and even go up to $7,800
in the near term," he said. But he was still cautious about the
macro-economic environment in Europe, adding that
China’s recent cut in interest rates will take
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