Copper, aluminium rise after upbeat European retail data
Monday, 2 February 2015
LONDON, Feb 1 (Reuters): Copper and aluminium gained on Friday following upbeat European retail sales data and as some investors covered short positions ahead of the weekend.
German retail sales posted their biggest yearly rise in 2-1/2 years in December, while sales in Spain and consumer spending in France were also stronger than expected, lifting European shares.
Three-month copper on the London Metal Exchange closed 2 per cent higher at $5,495 a tonne, recouping all of its loss from the previous session.
Prices on Thursday fell towards but did not break below 5-1/2 year lows of $5,339.50 hit earlier this week, setting up conditions for a technical rally, traders said.
While the upbeat data in Europe gave metals a lift, Citi analyst David Wilson said the market was still subdued.