Copper for delivery in three months rose 0.1 percent or $7.29 on the London Metal Exchange to $7,290 per tonne on Wednesday, according to Businessweek. LME inventories of copper declined again for the 50th session in a row to meet a one-year low of 336,250 tonnes, pushing the price up because of weakened supply.
However, on New York’s Comex, copper for March delivery lost 0.3 percent or $0.01 to $3.326 a pound. Chinese demand for the metal is uncertain in the wake of data that showed new credit in the country declining.
“Slowing credit growth in China obviously raises the question about how robust demand will be over the coming months,” Ole Hansen, head of commodity strategy at Saxo Bank, told Businessweek. “The dollar has turned stronger again, which is creating some problems for metals in general.”