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Base metals rebound after hitting multi-month lows on Monday

  • Copper inventories in LME approved warehouses fell to the lowest in more than 2-weeks on Friday.
  • Analysts expect prices to be capped on the upside as global macro picture looks bleak.

Bargain buying lifted base metals higher on Tuesday after they were slammed to multi-month lows on Monday, following China’s decision to raise import duties on US goods elevated concerns of a global economic slowdown. Benchmark copper was higher by around half a percent after hitting 15-month lows on Monday, while lead rebounded by a similar percentage from 33-month lows on Monday.