Copper’s advance came on signs of dip-buying from investors in China, the top consumer of the metal. Fabricators and manufacturers in the country also returned after weeks out of the heated market, as they replenished stocks ahead of this month’s Lunar New Year holiday starting Feb 16.
(Feb 3): Copper rebounded following a sharp retreat from a record high, as a global metals selloff that was led by silver and gold eased.
Contracts rose as much as 2% to US$13,148.50 a tonne, recuperating from a 15% plunge from a record high hit last Thursday (Jan 29). Other industrials on the London Metal Exchange and precious metals also clawed back some losses.
