GREY:EMYSF - Post by User
Post by
jimitwiston Aug 16, 2005 12:53pm
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New copper highs
New copper highsCopper sets new records
Precious metal hits historic highs in both spot and futures prices; traders say trend will continue.
August 16, 2005: 11:09 AM EDT
NEW YORK (Reuters) - COMEX spot August copper rallied to a fresh all-time peak of $1.7850 a pound and September copper rose to a new contract high on Tuesday as funds continued to buy amid strong supply/demand readings.
At the New York Mercantile Exchange's COMEX division, spot August copper advanced to its latest record of $1.7850 and benchmark September futures hit a contract high at $1.7380 a pound with some traders saying there was no end in sight to the upside for now.
With copper trading in uncharted territory, traders said there are no natural chart resistance levels to curb its rise, and U.S. economic data continue to inspire bullish funds and speculators.