Copper futures were increasing in value on Wednesday, reversing three consecutive trading sessions of losses amid speculation that worldwide central banks might be poised to intervene to spur economies, Bloomberg reports.
Reuters reports the reddish metal pushed higher than $7,000 per ton but gains were tempered by concerns about the strength of global economic growth, which is likely to impact demand. The base metal is coming off weekly losses of 5.6 percent last week.
"U.S., European and Asian stock markets and energy all bounced back up and the mood in commodities seems to be improving," states a Wednesday email to Bloomberg from director Richard Fu with Asian commodities trading at Newedge in London. "Some short-covering on the SHFE triggered the bounce of copper."
At 12:34 p.m. on Wednesday, copper futures rose 2.27 percent, a 0.0705 cent increase to $3.1745 per pound.
Also minimizing advances of the base metal was the business confidence of Germany slumping last month as indicated by Ifo consultancy's index, according to Reuters. The central bank of Europe is set to convene next week, and one topic is likely to be interest rates.
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