COPPER NEWS 13/02/2024 UPDATE BEST TRADING TIPS FOR BEGINNERS BY https://www.youreasytrade.com GET MORE INFO CW/7302366166

Copper Gains On Short Covering As Traders And Funds Cut Short Positions.

Copper prices registered a gain of 0.63%, closing at 708.2, driven by short-covering activities as traders and funds reduced their short positions, anticipating a reversal from lower prices. The boost in copper prices comes in response to strong labour data in the US and hawkish comments from Federal Reserve Chair Powell, which lifted the dollar.

However, persistent macroeconomic challenges in the Chinese economy, highlighted by the fourth consecutive contraction in the official manufacturing PMI data for January, have cast a shadow on the outlook for base metals. 

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