Profit-taking is pushing down copper prices, which have gained amid stronger manufacturing data worldwide. Market focus is now on a possible merger between Glencore International and Xstrata.
It may have been overshadowed by Chile and Peru until now, but Colombia’s copper potential is now entering the spotlight.
Copper gains on expectations that the Federal Reserve will keep rates low until 2014 in order to keep the US economy’s path to recovery on even keel.
The world’s biggest publicly traded copper producer has beat expectations despite major strikes, and copper producers are looking to brighter results.
Copper is rising on signs of improvement in the US economy, and hopes that China will ease credit to jump-start the economy.
S&P’s European downgrades have no lasting impact on copper prices as hopes are up for China to cut interest rates and spur demand.
The still-sluggish economy will challenge copper producers in 2012, but they continue to race to raise output as demand is seen to outstrip supply.
Barclays Capital may have weathered spectacular losses by two of its copper traders, but the market is no stranger to maverick dealers.
Europe’s continued vulnerability coupled with worries about Iranian oil supply is putting a damper on markets worldwide and pushing down copper.
A Papua New Guinea island is looking for independence, and the wealth of its copper mine is critical to the movement.
Friday, February 3, 2012