The global economic outlook has looked bleak in recent months, but a strong showing by the U.S. at the end of the year has helped buoy copper.
The foundering industrial metal has dropped roughly one-quarter from its 2011 peak around $4.60 per pound to trade at $3.4265 per pound as of 9:57 a.m. on Friday, December 30.
Reuters notes that the metal is on pace for its first annual decline since 2008, pushed down first by the economic slump created by the massive earthquake in Japan, followed in quick succession by debt woes in Europe and the U.S. Declining economic productivity in China has served to cement these losses as the year draws to a close.
However, Bloomberg reports that the reddish metal looks to end the year on an upward note, making gains on positive news out of the U.S.
"There’s been a growing sense over the past month or so that things aren’t as bad, at least for the U.S.," Marc Ground, a commodities strategist at Standard Bank Plc in Johannesburg, told Bloomberg.
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