SINGAPORE, June 17: London copper rose more than one percent on Monday, following its steepest weekly decline in two months last week, as shorts covered ahead of this week’s key Federal Reserve meeting that should provide greater clarity on monetary policy.
FUNDAMENTALS
* Three-month copper on the London Metal Exchange rallied by 1.16 percent to $7,172 a tonne by 0131 GMT, adding to small gains seen the previous session.
* Copper prices finished last week down nearly two percent for its steepest weekly decline since mid April.
* The most-traded October copper contract on the Shanghai Futures Exchange climbed by 0.82 percent to 51,910 yuan ($8,500) a tonne.
* U.S. Consumer sentiment edged off a six-year high in June while manufacturing output picked up a bit last month after two straight months of declines, suggesting the economy remains on a moderate growth path.
* Leaders of the world’s richest nations at a G8 meeting this week are likely to say they are not content with progress so far in fixing their economies after the financial crisis.
* India’s top copper smelter re-opened on Sunday after complaints from residents forced a two-month shutdown, a company source directly involved with the court-mandated process and a source at a local pollution board told Reuters.
* Hedge funds and money managers turned vastly more negative on the copper market in the week to June 11, increasing their net short positions in copper futures and options for the first time in four weeks and by the most in more than six months.
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