Economic speculation in the two top users prompted copper futures to ebb and flow on Wednesday, according to Bloomberg.
China, the top user of the base metal, is seeing indications of an economic recovery, which would fuel demand of the industrial metal. The U.S. is considering a reduction of economy-spurring monetary stimulus measures as stronger economic data is released by the government. The reddish metal tends to be sensitive to worldwide economic and financial developments due to its myriad uses in construction, manufacturing and additional industry.
"The Fed could taper its bond purchases soon with more positive economic data," trader Steve Chun with Hyundai Futures Corp. in Seoul told the news source on Wednesday. "The $7,300 level for copper appears to be burdensome to many investors."
At 9:15 a.m. on Wednesday, copper futures rose 0.24 percent, an 0.008-cent gain to $3.325 per pound.
Reuters reports laborers at the globe's largest copper mine commenced a surprise strike on Wednesday, demonstrating against working conditions and their pay. The Escondida mine in Chile is under the control of BHP Billiton.
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