The three-month copper price closed above $6,000 per tonne for the first time since August 30. It has gathered momentum since falling to its lowest point for more than a year on August 15, when it was $5,773 per tonne.
Yet while the emergence of fresh buying activity could lead to an unexpected rebound in prices, market participants remained cautious about increasingly volatile components in the copper complex, while global trade tensions continued to hinder commodity investment.
Since June, copper prices have traded between a five-year high of $7,348 per tonne on June 7 and the August 15 low, with much of the market pricing in the wider trading ranges.
“With no sign that fresh buying interest...