Today Copper Market Update By MarketMagnify

Copper settled up 1.92% at 352.60 set to log a second weekly gain as bets for monetary easing in Europe fuelled a short-covering rally that traders expected to gain steam given light holiday trade. The European Central Bank cut its growth and inflation forecasts on Thursday paving the way for an expansion of its already massive 1 trillion-euro plus asset-buying programme. A cheaper euro has the double-whammy effect of lowering capital costs for industry, as well as reducing prices for those paying for euro-denominated commodities in other currencies.
Copper trading range for the day is 341.5-363.5.
Copper extended gains as bets for monetary easing in Europe fuelled a short-covering rally that traders expected to gain steam given light holiday trade.
Copper prices have been under heavy selling pressure in recent weeks as fears of a China-led global economic slowdown spooked traders and rattled sentiment.
The ECB cut its growth and inflation forecasts paving the way for an expansion of its already massive 1 trillion-euro plus asset-buying programme.


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