Analysts say the copper market was increasingly oversold, and short sellers found an excuse to cover their shorts as Chinese regulators encouraged lenders to extend loans to qualified real estate projects in an effort to boost the country’s battered property sector.
The copper price also was helped by news that the Tenke Fungurume mine in Democratic Republic of Congo had suspended all exports, complying with an order from a court-appointed administrator.
LME aluminum, zinc, nickel, lead and tin were all higher in recent trading.
Saying the surging U.S. dollar will weigh on copper until macroeconomic risks subside, longtime copper bulls at Goldman Sachs last week forecast the metal will drop to $6,700/ton in the next three months.
Image and article originally from seekingalpha.com. Read the original article here.