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Copper reverses loss, up 0.2 pct as oil trims gains

Wednesday, Mar 02, 2011
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London copper rose Wednesday as oil prices pared gains, easing concern about the impact on global growth prospects.


Three-month copper on the London Metal Exchange rose $15 to $9,875 a tonne by 0719 GMT, having recovered from $9786.25 earlier. Shanghai's most active copper contract ended higher too, up 1 percent at 74,700 yuan.


"We saw the Chinese come into the market late in the day. There was no particular conviction or reason for this, beyond the slight moderation in crude prices. Volume hasn't been too bad, but it was a messy kind of day," a trader in Singapore said.


Some 4,000 lots of LME copper traded by the time Shanghai closed, a little higher than typical for the time of day.


Copper saw a late blip higher Tuesday after U.S. Federal Reserve Chairman Ben Bernanke said downside risks to growth had diminished.

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