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Oil Price Worries Confound Copper Pricing But Fundamentals Point to Upward Trend

Just last week, copper hit new highs of $4.62 per pound on the Commodities Exchange (Comex) on Valentine's Day and $10,190 per metric tonne on the London Metals Exchange (LME) the next day. Based on the fundamental supply and demand picture, many analysts were expecting it to go higher, eyeing the $5 mark. But since then it has dropped back to four-week lows, with the Comex prices down more than seven percent at press time. Where it goes from here is anything but clear.

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