An air of bullishness is permeating copper traders, propelled by the belief in the strengthening prospects of the global economy, according to Bloomberg.
Copper futures will increase in value next week, according to 13 of 20 analysts polled by the news service. Four of those analysts predicted losses while three did not express an opinion on the issue. One analyst pointed to a brighter future for both the U.S. and China, respectively the globe's two largest economies.
"With the U.S. improving and China coming out of its doldrums, we think copper is well supported," analyst Carole Ferguson with broker and advisor SP Angel Corporate Finance LLP in London told the news source on Friday. "Copper has been volatile because the stockpiles have been high. Outside the U.S. there's still not great visibility. Europe is probably going to take a while to turn around."
At 1:47 p.m. on Friday, copper futures fell 0.2 percent, a 0.007-cent loss to $3.5135 per pound.
Reuters reports Friday's losses for the base metal are linked with the emboldened U.S. dollar after the nation's employment rate climbed last month.
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