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 hit a week low Tuesday, as fears over China’s economic strength prompted selling of base metals. On the LME, copper for delivery in three months was down 3.7 percent to $6,680 per tonne.
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.
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.
By Kishori Krishnan Exclusive To Copper Investing News Copper prices are heading for the first monthly decline this year. On Monday, copper fell in New York to the lowest price in more than five weeks, as an increase in inventory sparked mounting concern that demand is dwindling. Stockpiles in warehouses monitored by the London Metal [...]
By Leia Michele Toovey- Exclusive to Copper Investing News Copper held steady early Wednesday, in anticipation of the Fed’s statement, but following the announcement that the U.S. economy is “leveling out,” and the central banks as pledge to keep interest rates low for an “extended period” copper rose to a fresh 2009 high. Copper for [...]
By Leia Michele Toovey- Exclusive to Copper Investing News Optimism surrounding an economic recovery drove copper to a ten month high on Wednesday, as investors flooded the market with money, betting on stronger demand. Three-month copper on the London Metal Exchange hit $6,149 a tonne, the highest since last October, up slightly from Tuesday’s high [...]
By Leia Michele Toovey- Exclusive to Copper Investing News Copper prices have enjoyed an 80 per cent rally this year- on the back of Chinese State Reserve Bureau (SRB) purchases. Now, signs are pointing to the finality of those purchases. Inventories monitored by the London Metal Exchange posted their first back-to-back weekly gains since February, [...]
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 fell for a second day as a stronger dollar made the commodity more expensive for those holding in other currencies; the Dollar Index, a gauge of the currency’s value against six major counterparts, rose for a second day. Further downward impetus came as stockpiling inventories in [...]
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