Copper prices rose on Thursday, helped by a rebound on global equities markets, falling exchange inventories and the threat of supply disruption at a mine in Peru.
Copper prices slumped to their lowest in nearly two months on Wednesday after recent weak economic data reinforced demand fears while a looming central bankers conference focuses attention on interest rates.
Copper prices rose on Thursday, helped by the threat of strikes at mines in top producer Chile and an easing of fears that China, the biggest consumer, will tighten monetary policy.
By Reuters Staff
(Updates with official prices)
LONDON, May 14 (Reuters) - Copper prices were on course for their first weekly decline since the start of April on Friday as rising inflation fears and a dip in demand from China dragged prices down.
Benchmark copper on the London Metal Exchange (LME) was 1% lower at $10,239.50 a tonne in official trading, having scaled a record high of $10,747.50 on Monday.
It was down about 1.7% over the week.
Many analysts expect the metal used in construction and power to rise further as the global economy rebounds and moves from fossil fuels to copper-intensive electrification.
“Supply is relatively tight while demand keeps expanding,” said WisdomTree analyst Nitesh Shah. “I think it will start going up again.”