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Weekly Copper Review: COMEX futures ease from five week low
14-Dec-2024 15:12
COMEX Copper futures eased after the metal saw a sizable correction from five week high. It ended around $4.19 per pound. Copper is attempting a recovery after falling 4.60% last month. It is up around 1.30% for this month so far. China's copper imports edged up in November to hit one-year high, customs data showed today. Imports of unwrought copper and products stood at 528,000 tons last month, up 4.3% from October's imports, data from the General Administration of Customs showed. Copper market is factoring in a rise in demand from China on hopes of easy monetary policy. China's Politburo announced plans to loosen monetary policy for the first time in 14 years. The change in Chinese monetary narrative is welcome news for Copper though as the demand from world's leading Copper consumer is already witnessing a surge.

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