But a mix of soft global premiums, a futures rout and growing warehousing stocks have prompted the cheery mood to quickly evaporate and are contributing to a negative near-term outlook for the red metal.
In the United States, the most-active March-delivery Comex copper contract settled at $3.189 per lb on Wednesday January 17, the lowest level since December 20, when the contract closed at $3.187 pr lb.
Likewise, the three-month contract on the London Metal Exchange slipped to $7,034 per tonne at the...
