Copper price climbs as Citi analyst predicts market deficit in H2

Copper prices bounced back on Wednesday despite concerns of weaker demand ahead of a major holiday in China, the world’s top consumer.

Copper futures climbed 1.1% to $3.5635 a pound (or $7,856.21 a tonne) on the Comex by noon EST, rebounding from a one-month low.

China will celebrate its Lunar New Year holiday February 11-17, when metals demand usually dips as business activities slow.