Copper failed to extend gains into a third day Friday, ending lower, as further tightening moves in China, Middle East unrest and Japan's nuclear crisis kept investor risk at a minimum. Still, prices of the metal managed to post their best weekly performance since the first week of February, snapping back from initial panic-led liquidation pressures stemming from last Friday's devastating earthquake in Japan.
- Copper down as trade digests geopolitical features
- China raises banks' required reserves again
- COMEX copper developing ridge of resistance
- Tight U.S., European aluminium mkts boost premiums
- Coming up: U.S. existing home sales data Monday
London Metal Exchange (LME) three-month copper shed $55 to close at $9,510 a tonne, still down about 7 percent from its record at $10,190 in February. COMEX copper for May delivery eased 0.50 cent to settle at $4.3390 per lb in lighter-than-usual volume.
Copper prices initially came off after China's central bank raised lenders' required reserves for the sixth time in an ongoing cycle of monetary tightening to fight inflation. But the market digested the widely expected move, expecting the impact of Chinese tightening measures to be moderate in the longer term. Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 12.1 percent from last Friday.
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