The reddish metal benefited from China, also the globe's second-largest economy, purchasing in the aftermath of slumping prices as of late, the Newedge Group SA reports. The industrial metal is sensitive to worldwide economic and financial developments due to its myriad uses in construction, manufacturing and additional industry.
"There is scope for upward movement," analyst Gayle Berry with Barclays Plc in London told the news source on Tuesday. "Prices have fallen quite a long way. Whenever you get big price moves, that tends to spark some Chinese buying interest."
At 8:57 a.m. on Tuesday, copper futures edged down 0.08 percent, a 0.013 cent loss to $3.2675 per pound.
Reuters reports Chinese consumption of the reddish metal accounts for roughly 40 percent of the globe's supply. The Asian nation, also the globe's second-largest economy, is forecast to see its outlook for development and growth brighten during the next several months during the recovery from the Great Recession.
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