Also benefiting the price of the reddish metal was a strike in Chile, the globe's top producer. But those advances were tempered by growing concerns about prospects for reduced demand of the industrial metal.
"The market saw a correction today as a stronger euro/dollar exchange rate spurred some short covering," consultant Gianclaudio Torlizzi with T-Commodity told the news source on Monday. "As the metal has been oversold recently, I expect in the next few weeks it could go up to its 200-day moving average ($7,845 at 1547 GMT), also because of improving fundamentals. The news of the announced strike in Chile for example will put upwards pressure on copper premiums."
At 11:59 a.m. on Monday, copper futures rose 0.7 percent, a 0.0215-cent increase to $3.3635 per pound.
Bloomberg reports the price of copper futures also benefited from conjecture about the U.S. Federal reserve continuing with its monetary easing policies after a jobs report from late last week was weaker than anticipated.
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