Spanish Bank Bailout China Data Underpin Copper By Close To 2 Percent (12-Jun-2012)
Copper prices got buttressed by close to two percent on the week's first trading session as investors appetite for riskier asset classes like commodities got a boost after European Union's decision to provide a loan of up to 100 billion euros ($125 billion) for distressed Spanish banks, easing the concerns over intensifying European debt crisis to some extent. The red metal prices also got fortified after world's largest industrial metal consumer China reported that copper imports unexpectedly increased 11.7 percent in May month. The depreciation in American greenback against a basket of currencies too made dollar denominated base metal more lucrative for holders of other currencies.
Copper futures for July delivery soared 5.80 cents or 1.80% to settle at $3.3430 per lb on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the London Metal Exchange surged $125 or 1.7% to finish at $7,420 a tonne.
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