Metals market banks on China for rebound:
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Strong Chinese demand at the start of the second quarter has helped boost copper prices to a four month high on the London Metal exchange and left the base metals market well-placed for another leg higher, market participants said. The market has been banking on a rebound in Chinese demand after the end of march to lead metals prices higher, and expectations of sustained buying in China should boost the LME bellwether copper contract higher to target $7,500 a tonne, basis three month delivery said Mr. Haihua Shen, senior trader at China’s Maike Futures. And there appears to be general agreement.
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Source : Business Line |
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