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Copper prices rose to a near six-week high on Thursday as demand concerns eased
after weaker-than-expected U.
S.
inflation data.
Copper for September delivery in the New York Comex market rose 1.
6 percent to hit $3.
70 a pound ($8,140 a tonne).
Consumer prices in the United States did not rise
in July compared to the 0.
2% increase expected by economists.
Zenon Ho, an analyst at broker Marex, said: "According to our estimates, the market has been short, and macro inflation concerns are driving down commodity prices
.
”
"Yesterday, the US data was surprisingly good, which involved some short covering
.
"
Meanwhile, speculators in the copper market are betting that the global economic downturn means that metals used in power and construction will fall further, despite their recent rebound
.
Copper prices rose to a near six-week high on Thursday as demand concerns eased
after weaker-than-expected U.
S.
inflation data.
Copper for September delivery in the New York Comex market rose 1.
6 percent to hit $3.
70 a pound ($8,140 a tonne).
Consumer prices in the United States did not rise
in July compared to the 0.
2% increase expected by economists.
Zenon Ho, an analyst at broker Marex, said: "According to our estimates, the market has been short, and macro inflation concerns are driving down commodity prices
.
”
"Yesterday, the US data was surprisingly good, which involved some short covering
.
"
Meanwhile, speculators in the copper market are betting that the global economic downturn means that metals used in power and construction will fall further, despite their recent rebound
.
