Copper price rebounds, commodity demand signals “firing on all cylinders”

Copper rebounded from Wednesday’s slump, buoyed by expectations that demand will remain resilient in the face of possible tapering by the US Federal Reserve and China’s stepped-up efforts to jawbone prices lower.

Copper rose 0.4% to $10,038 a tonne Thursday morning on the London Metal Exchange, after climbing as much as 1.8%. Copper for delivery in July was up 0.3% on the Comex market in New York, with futures trading at $4.5550 per pound ($10,021 a tonne).

Sentiment improved with equities climbing and with a US report showing applications for state unemployment insurance fell last week to a fresh pandemic low.