Apprehension among market participants on Thursday kept copper futures at bay as the industrial metal edged up in value as investors' focus sharpened on Sunday elections in debt-riddled Greece, Reuters reports.
Yields on Spanish bonds gained after a debt auction, underscoring the tenuous nature of the euro zone. But German Chancellor Angela Merkel turned down suggestions that the host of the euro zone's healthiest economy assist by underwriting regional debt.
"The German Chancellor is playing a dangerous game in our view, forcing the markets into a corner without offering them a way out," analyst Ed Meier with INTL FCStone told Reuters. "In fact, we think that many of the proposals she is now rejecting will ultimately have to be put back into the mix if the euro is to survive. It should be an interesting few weeks ahead, with metals trading on anything but fundamentals."
At 3:42 p.m. on Thursday, copper futures gained 0.54 percent, a 0.018 cent gain to $3.3575 per pound.
Syriza party head Alexis Tsipras has vowed to scrap austerity measures to which Greece has adhered should Greek voters empower him, Bloomberg reports. Bailout funding is conditional on those measures.
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