Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. Said that although the factors that drove the surge have somewhat weakened. It does make sense that we're seeing a retracement. "It was a spectacular rally on Friday," he added.
Low stockpiles and worries over supplies have supported copper. Which surged 7.1% on Friday, its highest one-day increase since January 2009. After initially testing lower on Tuesday, LME copper increased 0.3% to $7,935 a tonne.