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LONDON- Copper fell but was on track for its biggest weekly rise in two months after solid US and Chinese economic data pushed global stock markets to record highs and several investment banks predicted higher prices for the metal.
However the numbers from China, the biggest consumer of metals, were a mixed bag, with factory activity growing strongly but below forecasts and expected to slow.
Benchmark copper on the London Metal Exchange (LME) was down 1 percent at $9,190.50 a ton but still up around 3 percent this week and near February’s peak of $9,617, the
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highest since 2011.
“The Chinese data are only really good at first glance … momentum has cooled to some extent,” Commerzbank analyst Daniel Briesemann said.
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