Reuters reported that copper made up earlier losses and closed at the higher end of the day’s trading range on news that the European Central Bank may set yield band targets under a new bond-buying program. US Federal Reserve Chairman Ben Bernanke’s statement that the Fed is able to provide stimulus also helped copper move up.
As quoted in the market news:
COMEX copper for September delivery fell 0.90 cent to settle at $3.4835 per lb, dealing between $3.4560 and $3.4945. Despite the late-week loss, copper prices posted their third straight weekly gain.
COMEX volumes picked up Friday to stand at 61,700 lots in late New York trade, nearly 40 percent above the 30-day average, according to preliminary Thomson Reuters data.
On the London Metal Exchange (LME), three-month copper fell $44.50 to end at $7,640 a tonne, backing away from the previous session’s one-month high of $7,720.50.