Copper Heads for Highest Close Since June Amid Rebound Signals
Back from an extended vacation in Europe, I see we're letting down on good MACRO Economic 3rd party Cu Articles getting posted as frequently as they should. Dingbat CDNS led by guess who as usual. Time to change that. This is indeed getting interesting however and I too agree that a great buying opportunity has been shaping up nicely in the dog days of summer with a nice pick up today at .28. Maybe a good spot to bid re end of summer and people needing money?
Copper Heads for Highest Close Since June Amid Rebound Signals
Copper rose in New York, heading for the highest close since June, amid indications economies are rebounding in the U.S., the second-biggest consumer of the metal, and the euro area.
U.S. retail sales climbed for a fourth month in July, according to a survey of economists by Bloomberg before data today. Industrial production in the euro area gained for a fourth month in five in June, European Union figures showed. Copper also advanced as money managers bought metal to close out bets on falling prices, according to Newedge Group SA.
“The majority of the flows that we have seen have been short-covering, and particularly dominated by” commodity trading advisers, Gayle Berry, an analyst at Barclays Plc in London, said by phone.
Copper for delivery in September added 0.7 percent to $3.3245 a pound by 7:18 a.m. on the Comex in New York. A close at that price would be the highest since June 5. Copper for delivery in three months rose 0.9 percent to $7,318 a metric ton on the London Metal Exchange.
Prices also increased after Japan’s core machine orders fell 2.7 percent on the month in June, less than the 7 percent drop projected by economists. Money managers reduced their bearish wagers on Comex copper prices by almost half as of Aug. 6 from the prior week, according to government data.
“With Asian participants remaining relatively quiet and the aggression in short-covering starting to wane, albeit not over, it is likely that we see further consolidation across the base-metals spectrum,” George Ad*****, an analyst at Marex Spectron Group in London, said by e-mail.
Copper stockpiles monitored by the LME fell for a 20th session to 589,725 tons, the lowest since April 10. Orders to remove the metal from warehouses rose 0.8 percent to 314,250 tons. Nickel stockpiles and removal orders rose to records.
Aluminum, nickel and zinc rose in London. Lead and tin fell.