Copper was little changed within a tight range on Wednesday as uncertainty over prospects for further monetary easing in the United States balanced against a positive outlook for Chinese demand and a softer dollar.
Three month copper on the London Metal Exchange traded at $8,855 a tonne in official rings, little changed from Tuesday when it closed at $8,850 a tonne. Some of the strength we are seeing in copper and oil is from the effect that Asia is doing quite well we saw the Chinese PMIs pick up slightly early in the week.
There are some signals that Chinese appetite for metals such as copper and aluminium is improving. Nearby copper and aluminium prices are both trading at a premium against third-month contracts on the Shanghai Futures Exchange.
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There is a paradigm shift in the Global economy, Asian countries have started influencing the global Markets.
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