Commodities
Copper Rebound Continues as Market Eyes China Arbitrage
- Metal extends rally after cancellations imply China buying
- Price to average $9,000 in 3Q on oversupply, Macquarie says
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Copper extended its rebound from the lowest close in five months as orders to withdraw the metal from London Metal Exchange warehouses suggested China’s demand slump may have bottomed out.
Three-month futures rose 1.8% as of 6:04 p.m. in London, fueled in part by the biggest cancellation of LME copper since April.