The reddish metal's recent losses have been attributed to the slowing pace of economic growth and development in China, the globe's top consumer of the industrial metal, the host of the globe's most rapidly developing economic system, and the world's second-largest economy as it trails only that of the U.S. Chinese demand for commodities as of late has been waning.
"China is the most important player for the copper market … fundamentally, it's not balanced at the moment because we don't have the drive from China," analyst Andrey Kryuchenkov with VTB told Reuters. "For sustained gains for copper from here, you will need China to drive this market higher. If not, copper is likely to be stuck in its current range for a while longer."
At 3:37 p.m. on Wednesday, copper futures gained 0.25 percent, a .95-cent increase to $3.84 per pound.
The Associated Press reports the industrial metal's gains on Wednesday also are linked with economic data indicating the sale of once-occupied homes in the U.S. dropped, according to the National Association of Realtors.
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