Copper mining has been a major industry in the United States since the rise of the northern Michigan copper district in the 1840s. In 2009, domestic mine production in the United States was valued at approximately $6.2 billion.
Copper ascended on Monday in unison with the rise in U.S. stocks, which advanced to their highest level in five weeks as upbeat Chinese factory data spread optimism across the markets.
Copper climbed to a one-week high as a declining greenback spurred international demand for the metal.
Copper commenced Tuesday in positive territory, extending Monday’s winning streak on the back of the longest run of inventory declines in over a year. Copper is ignoring overall market sentiment as lower than anticipated earnings reports from both Goldman Sachs and IBM wreaked havoc on the American and European stock markets.
Copper prices started Tuesday’s session flat- after a welcome rally on Monday. Monday marked the sixth straight day that the red metal rallied; the longest ascent the metal has experienced in more than five months.
U.S. copper futures closed with strong gains on Monday after a $1 trillion emergency package in Europe helped restore confidence in the global recovery. Unfortunately, the relief was short lived, as the markets suffered losses upon opening on Tuesday.
Tuesday, September 28, 2010