Copper rebounds from loss

The price of copper has extended its rebound, as some of the investors judged the decline of the commodity in last five and a half year as very harsh, even after the decline in the demand of the commodity

WASHINGTON (Scrap Monster): The most actively traded contract, for March delivery, rose 5.9 cents, or 2.3 per cent, to settle at $US2.6170 a pound on the Comex division of the New York Mercantile Exchange. The contract ended the week down 4.9 per cent, the steepest weekly drop since November.

The most actively traded contracts,  for the month of March delivery hiked to about 5.9 percent, or to 2.3 percent, to settle by about 2.6170 dollars per pound on the Comex Division, based in the New York Merchantile Exchange. The contract for the week ended with a decline of 4.9 percent, which is noted to the most inclined lost in a week since the month of November.

The value of copper declined to 2.5055 dollars per pound ion Wednesday, scoring the commodity’s biggest one day drop, in more than three years, after the World Bank had cut down the company’s outlook for the global growth in the year 2015.

The bank had also highlighted the company’s concerns over an unarranged slowdown, in China, which stroked down a sense of terror among the copper traders, that there are chances for the largest copper consumer in the world to cut back its consumption. 

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