The euro benefited from President Mario Draghi with the European Central Bank stating the institution he leads is prepared to begin buying bonds of nations in need. Debt-hobbled Spain was believed to be nearing solicitation of international bailout aid, also a boon to the reddish metal.
"It (a potential bailout for Spain) removes some uncertainty in the market. It is a not a question of if but when for Spain (to ask for a bailout) and that will be seen as a huge relief for the market," analyst Robin Bhar with Societe Generale told Reuters. "But the potential upside for copper is pretty limited whilst there is uncertainty about China's growth and U.S. growth and with the euro zone in recession, and that is going to keep a lid on rallies."
At 12:15 p.m. on Thursday, copper futures gained 0.11 percent, a 0.004 cent lift to $3.788 per pound.
The Wall Street Journal reports copper futures also benefited from economic data about factory orders in the U.S. dropping less than anticipated.
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