Copper prices were higher in New York, headed for the first weekly gain in three weeks as speculation that the demand will maintain its pace based on stronger than Estimated European expansion.
Prices also climbed as the dollar weakened, making metals priced in the currency cheaper in terms of other monies.
The global economic recovery, “indicates sustainably high copper demand that can not even be harmed by China’s restrictive interest-rate policy or the economic weakness of certain countries, the fundamental conditions that suggest a production deficit and thus represent the basis for a high price level in 2011 intact.” as stated by smelter Aurubis AG.