Copper rebounded on Tuesday, after dropping the most in nearly two weeks in the previous session, as the metal’s solid fundamentals offset investors’ concerns about subdued global macroeconomic outlook due to a fresh surge in coronavirus cases.
Three-month copper on the London Metal Exchange rose 0.2 percent to $9,462 a ton, rebounding from its biggest fall of 1.3 percent since Aug. 3 on Monday.
The most-traded September copper contract on the Shanghai Futures Exchange fell 0.6 percent to 69,820 yuan ($10,777.35) a ton, tracking overnight losses in London.
According to analysts, copper is poised to be consumed largely in the electric vehicle and renewable energy sectors, which have been receiving fresh investments and government initiatives as many countries fought against climate change.
