Copper bounced into positive territory on Monday, after support held near year-to-date lows, but slower manufacturing growth in the world's two-largest economies stoked concerns about the near-term demand outlook. The July COMEX copper contract was last up 3.00 cents at $4.2090 per lb, near the upper end of its $4.1075 to $4.21 session range.
Analysts cited mostly technical reasons for the turnaround. "There is a double-bottom from mid-March, so there is probably some technical buying and short-covering going on," said Phillip Streible, senior market strategist with Lind Waldock.
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