NEW YORK ( TheStreet) -- Copper prices were stagnant as the latest round of economic data offered few indications of widespread global recovery.
Copper for July delivery was down 1 cent to $4.09 on the New York Mercantile Exchange
Copper prices on the London Metal Exchange fell yesterday for the first time in four days to $8,981 per ton. Base metals on Shanghai Futures Exchange ended mixed Thursday. The August copper benchmark added a marginal 0.1% at CY67,670 a metric ton. Copper prices are likely to rally towards the end of year because of a rebound in Chinese buying, according to a research report by RBC Capital.
The copper market is not in very tight market conditions currently, said Catherine Virga, Director of Research at CPM Group. "It's driven more by expectations" as we see sideways markets movement, she explained. Virga said she was not expecting any "dramatic" fluctuations in the near term.Copper mining stocks are mixed in trading this morning. Mining company Southern Copper (SCCO) is down 0.7% at $31.73. Freeport-McMoRan Copper & Gold (FCX) is up 1.6% at $49.60. -- Written by Chao Deng in New York.
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