COPPER MARKET NEWS

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Copper hit its highest level in almost two months on Tuesday as the US dollar weakened and hedge funds and speculators slashed their bets on lower prices. Support seen as investors bet on more global stimulus measures after Britain's shock vote to leave the EU. Data from the LME showed money managers had reduced their short position in copper to just over 86,600 lots on Friday, down from 107,600 lots a week before. 


Three-month copper on the London Metal Exchange had settled at $4,824 a tonne having earlier struck its strongest since May 5 at $4,831.50, following 2.3-percent gains in the previous session. 

 

Also Chinese Premier Li Keqiang said on Tuesday he wouldn't allow the post-Brexit panic that roiled global currencies and stocks to send the country's financial markets into a tailspin, an indication authorities would intervene if needed to prevent market chaos. 

 

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