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Copper at 4-Week High

Copper at 4-Week HighCopper at 4-Week High

London copper hit a four-week top on Tuesday on technical buying as traders wound up positions ahead of the Lunar New Year, and after a steadier tone in China stocks and currency markets soothed concerns about the country’s economy, CNBC reported. Copper prices have been underpinned by solid imports in December, partly fueled by stockpiling ahead of China’s week-long break. Prices managed to hold their ground despite the poor factory figures on Monday, having slumped to six and a half year lows last month. China’s refined copper imports hit a record high at 3.68 million tons last year despite slower growth, customs data showed last week.

Financialtribune.com