Overnight, copper futures on the Shanghai Futures Exchange rose modestly in what was a very quiet trading session, taking cues from the London Metal Exchange and the firming of the euro against the dollar.
Copper rose to a record on Tuesday after a gain in China’s imports of the metal increased the demand outlook, amid supply disruptions in top-producer Chile.
The world's top ten copper producing countries.
Reuters reports on copper output growth.
Speculation that the US Federal Reserve will loosen its monetary policy helped copper rally to a new high on Monday. Shanghai copper touched a 27-month peak, with copper for January delivery reaching its highest intraday level since July 2008.
Copper rallied to a two year high on Tuesday, propelled by optimism over the global economic recovery. The two main factors contributing to the red metal’s ascent was the news that Japan unexpectedly lowered interest rates, combined with weakness in the greenback.
By Leia Michele Toovey- Exclusive to Copper Investing News Copper is often looked to as a barometer of economic health due to its copious use in building and construction. When an economy is growing, copper use rises exponentially. In the early 2000′s rapid economic growth paved the way for an explosion in demand for the [...]
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