US Copper Futures Climb
Investors buying low jumped US copper futures by 3%. Copper was also supported by a weakening US dollar and the rise of the euro.
Copper for December delivery HGZ8 was trading up 3.80 cents, or 1.6 percent, at $2.3930 a lb by 10:29 a.m. EDT (1429 GMT) on the New York Mercantile Exchange’s COMEX division.
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Central banks cutting interest rates supported a stronger opening on Wall Street as well as copper’s rise. Copper’s increase was due to a technical bounce from oversold conditions.
China’s State Reserves Bureau, the secretive agency that manages the country’s copper inventories, may be in the market to buy 300,000 tonnes in the short-term.
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Thu, Oct 9, 2008
Post by Mike Rodger, Copper Reporter