By JUDITH NAMUTOWE? –
THE prices of copper on the international market yesterday hovered near its four-month high, supported by a growing consensus the metal would be in a supply deficit this year.
Reuters reports that the prices for three-month copper on the London Metal Exchange (LME) slipped by 0.2 per cent to US$6,786.75 a tonne, after a 1.4 per cent gain in the previous session when it hit its loftiest since September 19, 2014 at $6,825 a tonne.
The most-traded December copper contract on the Shanghai Futures Exchange rallied by 0.9 per cent to 48,320 yuan ($7,890) a tonne.
The Reuters said on Tuesday that global copper market would be in deficit for a fifth straight year in 2014 before switching to a surplus of about 390,000 tonnes next year.
Gold eased for a second session as the dollar and equities edged up after sharp losses, but lingering worries over the global economy could support the safe-haven metal.
The prices for the spot gold had slipped by 0.5 per cent to $1,226.35 an ounce.