Spot copper prices and short-term futures broke below $3.70 per pound on the Comex and London Metals Exchange (LME) markets over the past couple of weeks based on new estimates of China’s growth prospects and renewed softness in the U.S. construction market.
Where copper prices will go over the next few months remains (as always) a bit of a mystery as solid fundamentals face off against some countervailing trends, says John E. Gross, a long-time analyst of the copper market.
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