COMEX copper futures ended the week in nrangebound trading Friday as market analysts nsaid copper drew some support from relief over nEuropean bank stress-test results, which most nbanks passed. Copper for September delivery, nthe active month, rose 3.30 cents to 441.30 ncents/lb, close to its day’s high at 440.40 ncents/lb, after dipping to an intra-day low at n439.10 cents/lb. “The European bank tests nthat came out later in the day helped copper,” a ntrader told Platts. According to results released nby the European Banking Authority Friday, just neight of 90 European banks failed its stress ntest. Although other data released Friday on US nindustrial production were slightly weaker than nexpected, it still showed a 0.2% rise in June, so ncopper was still supported, the trader said. “It ndidn’t meet expectations, but it was generally npositive,” he said. “Some people expected it to nbe flat.”
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