Weekly Copper Review: COMEX futures move up in sideways trade

COMEX Copper futures mostly stayed in a rangebound mode in amid choppy equities. Mainland Chinese markets remained shut for the Lunar New Year holidays. LME Copper inventories continued to edge higher recently. Inventories jumped near 11-month high. The metal moved near $5.90 per ounce, approaching one-week high and closed the week with a modest gain of 1.10%. Copper is down around 1% this month though. Chinese copper will return from the Lunar New Year holidays to offer a demand push given that economic undertone remains supportive. IMF has recently noted that China?s economy has proved resilient in the face of multiple shocks, boosted by robust exports and fiscal stimulus, and it remains a major driver of global growth.

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