Copper prices climbed overnight, reinforced by lower inventories and robust consumption in top consumer China, though any further rally is likely to require signs of demand recovery in the rest of the world, analysts said.
Benchmark copper on the London Metal Exchange (LME) was up 0.4 per cent at $US5,876 a tonne at 1558 GMT. Prices of the metal used widely in power and construction hit 4-1/2 month highs of $US5,928 a tonne this month.
“Sentiment has improved. Chinese demand for copper is strong, we can see that from the imports and falling inventories,” said BMO analyst Timothy Wood-Dow. “For higher prices we need competition for copper units, and that would come from recovery in the West.”
Empire Metals Ltd (LON:EEE) is a junior AIM-listed copper and gold exploration and resource development company focussed on the prolific Tethyan Belt. Currently the Company holds a large highly prospective 860km2 licence area in Georgia with a 30-year mining licence in a joint venture with a local explorer.
