Headline loosely based on the$2.09, up 4 cents.
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December Copper Price Forecast: Chinese Demand Strengthens
With 2015 drawing to a close, some good news for previously flailing copper as an increase in demand from top buyer China is providing an uptick in price.
According to a report from The Wall Street Journal, “the most actively traded copper futures contract, for March delivery,” is up 1.65 cents, or 0.8%, to $2.0675 a pound on the Comex division of the New York Mercantile Exchange.
“No doubt this is the only positive thing you’ve seen in quite some time in copper,” Charles Nedoss, senior market strategist with LaSalle Futures in Chicago, told the news source.
Chinese copper imports reached 460,000 metric tons last month, up 9.5% for the year, claims data from China’s General Administration of Customs. While this increase is welcome, context is important as copper imports from January to November 2015 were still down 2.8% compared to the same time period last year....MORE