Copper Prices Gain Strength from Strong Demand and Low Chinese Inventories, Dollar Retreat Adds Momentum

Copper prices saw an Rise on Friday as the dollar pulled back from a two-month high

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Net Long Positions Drive Copper’s Six-Month High on LME

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Copper settled up at 723.90 yesterday, driven by net long positions on the London Metals Exchange (LME) reaching a six-month high.

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The total net long position in LME copper reached 9,488 contracts on Aug. 11, marking the highest level since Feb. 10 according to the Commitments of Traders Report.

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China’s refined copper production in July increased by 14.5% YoY to 1.03 million metric tons. Daily average copper output during July stood at 33,226 tons.

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