Copper choppy after recent gains

COMEX copper continues to see choppy moves and is trading at $4.86 per pound, up marginally on the day. Copper futures eased yesterday following a sharp surge of over 2.5% in the previous session. The metal rallied following Freeport-McMoRan?s declaration of force majeure on contracted shipments from Indonesia?s Grasberg mine after a fatal mudslide, with the site accounting for 3% of global copper supply. The metal is still lingering around two-month high and is largely holding onto a near 6% rise in last month. Latest data showed China's industrial profits returned to growth in August amid broadly choppy undertone on economic front.

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