Copper tracked a modest rebound on Tuesday, climbing 2.5 percent to touch $6,630.25 per tonne in early morning trading on the LME. In the two previous sessions, the metal, often looked to as the barometer of economic health, lost almost 10 percent of its value.
Copper fell to a nine-week low in both London and New York Monday as pessimistic manufacturing data out of China reminded the globe how critical the country’s economy is to the entire base metals complex.
On Tuesday, copper plummeted to its lowest level since March, falling from the previous rally achieved on the back of higher than expected US home sales data.
As news over impending fraud charges against leading commodities player Goldman Sachs hit the market last Friday, copper witnessed considerable downside. Risk averse investors jumped from their positions, sending copper plummeting to a three month low.
Copper prices backed off from the 20-month peak they scaled on Monday as China’s clamp down on credit stirred fresh fears that the red metal’s rally has been overdone.
After hitting a two-week low Monday, copper climbed on Tuesday fueled by a declining greenback. The US dollar is taking a pause in anticipation of this week’s Federal Reserve meeting.
By Leia Michele Toovey- Exclusive to Copper Investing News U.S. copper futures hit a one-month high above $2.40 per lb Wednesday morning, as a rally in equities restored confidence in the global economy. Equities rallied as data showed better-than-expected manufacturing and industrial production. Additional impetus to copper’s rally came by way of dollar weakness, and [...]
By Leia Michele Toovey- Exclusive to Copper Investing News Copper climbed the most in over a week as dropping inventories signaled rising demand for the red metal. A huge drawdown in London Metal Exchange inventories provided the strongest boost to copper. Stockpiles monitored by the London Metal Exchange tumbled 2.4 per cent to 480,400 metric [...]
By Leia Michele Toovey-Exclusive to Copper Investing News Speculation that the worst may be over, when it comes to the recession sent the price of copper above $2.00 a pound on Thursday for the first time since October. Stock indexes rose in Asia and Europe this week and were poised for gains in the U.S. [...]
By Leia Michele Toovey- Exclusive to Copper Investing News Copper has rallied 31 per cent in the first quarter of 2009; since December 26, the red metal’s price has increased 47 per cent. This rapid upward swing has earned the metal the title best performer among the 19 raw materials tracked by the RJ/CRB commodity [...]
Get our independent commentary on copper trends and companies delivered to your inbox.
