“Given the drop in open interest so far this week, LME copper seems to be experiencing a short-covering rally. But fresh buying needs to emerge to make the LME copper strength sustainable,” Boris Mikanikrezai, Metal Bulletin analyst, said.
“For the full year in 2018, we have a constructive view and expect demand dynamics to prove stronger than the resilience of supply, which should leave the market in a deficit of 169,000 tonnes and able to support copper prices,” he added.
While copper hit a one-week high, the three-month nickel price followed higher and was the best performer of the base metals group, up 1.6% at the...
