US Copper Grinds Higher
Despite a strengthening US dollar positive expectations around the approval of the US bailout plan saw US copper futures rise.
Copper’s early strength tied to gains on Wall Street, with the benchmark S&P 500 and Nasdaq temporarily adding more than 2 percent.
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Positive news for copper includes a new strike in Peru, workers walking off the job in Freeport McMoRan’s Cerro Verde mine and the LME warehouse inventories have dropped.
Copper supported by moderate growth in the U.S. service sector after the Institute for Supply Management said its nonmanufacturing index came in at 50.2, slightly below August’s 50.6 in August. A reading above 50 signals expansion.
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Fri, Oct 3, 2008
Post by Mike Rodger, Copper Reporter