In the face of the global market turmoil over the past month, copper's uptrend was abandoned as fund liquidation and short selling dumped prices back down to 7,000 dollars/tonne in mid-August. However, the market has shown resilience, and has since rebounded from this level as the robust fundamentals start to reassert themselves and bargain hunters gather confidence ahead of the higher demand season, which should start to emerge from September. If it were not for the fallout from the US sub-prime crisis, copper could well be trading above 8,000 dollars/tonne now, as the market's robust fundamentals that were driving the February-July rally have not significantly changed.
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