Dr Copper lets rip - 100 copper stocks tracke
Dr Copper lets rip - 100 copper stocks tracked
Dollar copper prices make 10-month highs, contributing to global mining stocks as a group also making 10-month price highs.
Author: Barry Sergeant
Posted: Friday , 31 Jul 2009
Dollar copper prices spent much of Friday attempting to break through the USD 2.60/lb barrier, and in the process, made 10-month highs, acting as a major catalyst in moving up the global grouping of mining stocks to an aggregate valuation not seen for the past 10 months. Pure copper miners are difficult to come by, but the loosely defined copper grouping currently ranks as the best-performing mining subsector, when measured on 12-month stock price returns.
US copper ends up at 10-mth peak on GDP, stocks
Fri Jul 31, 2009 3:07pm EDT
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More Business & Investing News... NEW YORK, July 31 (Reuters) - Copper settled up more than 2 percent at 10-month highs in New York on Friday as investors reacted to encouraging second-quarter trends in the U.S. economy and a run-up in Wall Street share prices.
For detailed report on global copper markets, click on [MET/L]
* Copper for September delivery HGU9 ends up 6.10 cents, or 2.4 percent, at $2.6250 a lb on the New York Mercantile Exchange's COMEX division.
* Trading range from $2.5455 to $2.6290 -- which marked a new high since Oct. 3.
* COMEX's estimated volume for all copper futures stood at 22,540 lots by 2:00 p.m EDT (1800 GMT) IZQI.
* Technically, there are few immediate stops for copper and the rally could continue unless economic and geopolitical conditions dictate otherwise -- traders.
* "Looking at the weekly charts, you really don't have a heck of a lot of resistance until you get up to almost $3.00. Technically, if it stays above $2.41, this market is in an uptrend." -- Charles Nedoss, senior account manager and metals analyst at Peak Trading Group in Chicago.
* The U.S. economy contracted at a slower-than-expected pace in the second quarter as the slump in business and residential investment moderated sharply, according to government data on Friday that backed views the recession was winding down. [ID:nN30365410]
* U.S. stocks edged higher on Friday, helped by the quarterly GDP data and an improving outlook for business activity in the U.S. Midwest in July. [.N]
* Copper for three-months delivery MCU3 on the London Metal Exchange closed up $118, or 2 percent, at $5,719 a tonne. During the session, it hit $5,747.75, its highest level since early October.
* LME copper inventories rose 2,825 tonnes to 280,875 tonnes, the highest since mid-June. Stocks of the red metal in LME registered warehouses have been on the rise since mid-July, reversing the trend of consistent falls seen earlier in the year.
* COMEX copper stocks CMWSU fell 476 short tons to 55,196 short tons as of Thursday. (Reporting by Barani Krishnan)