COPPER SHOOTS UP ON SPANISH BANK BAILOUT, CHINA DATA
DATE: 11/06/2012
Copper prices shot up by around two and half a percent in electronic trades on the week’s first trading session as investors appetite for riskier asset classes like commodities got a boost after European Union’s decision to provide a loan of up to 100 billion euros ($125 billion) for distressed Spanish banks, easing the concerns over intensifying European debt crisis to some extent. The red metal prices also got fortified after world’s largest industrial metal consumer China reported that copper imports unexpectedly increased in May month.
Copper for three-month delivery on the London Metal Exchange surged 2.5% to finish at $7,473.50 a tonne.
POWERED BY: COMMODITY INSIGHTS
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