Maquinaria Lorenzana S.A.

Copper rose on Friday, helped by the search of the metal prices and purchases of consumer in China, while the fear about the impact of a potential bankruptcy of Cyprus decreased.

Copper prices recorded their biggest weekly drop in three weeks since the bankruptcy in Cyprus is still a real risk. Three months copper on the London Metals Exchange closed at 7,655 dollars ton at midday, reversing the falls of the previous session, when fell 0.5%.

Copper prices fell 1.1% this week, the biggest decline since the end of February. Values are retrieved from a flat in seven months of 7,486.25 dollars seen on Tuesday, but still accumulated a loss of a 4% along this year.

Copper fell to minimal levels in seven months this week, which gave rise to some accumulation of inventories among Chinese consumers, but worries about a contagion in the eurozone have overshadowed the rise in demand, from both China and the US housing market.

Data previously known at the meeting showed that the confidence of companies in Germany fell in March, ending a streak of four months of advances, since the problems of Cyprus revived fears that the eurozone debt crisis may weigh on Europe's largest economy.


On the positive side, a preliminary survey to industrial managers showed a solid growth in the first quarter in China, while United States met data that pointed to a decline in applications for benefits by unemployment and an increase in industrial activity and sales of used homes.