Positive Sentiment Drives Copper to Monthly High
Thu, Jul 16, 2009
Copper Investing News reports copper prices drove to a month high with positive outlook in the economy.
Additional impetus to copper’s rally came by way of dollar weakness, and data that U.S. consumer prices climbed at a slightly faster-than-expected pace in June, boosting the metal’s appeal as an inflation hedge.
Copper ignored an increase in London Metal Exchange warehouse stocks. LME inventories are up 4,200 tonnes at 261,100 tonnes. LME copper for three-month delivery last traded at $5,252 a tonne, up $207 from Tuesday’s close. India copper futures extended gains for a fourth day on Wednesday; the most-active August contract was 3.25 per cent higher after gaining 3.1 per cent in the previous three sessions.
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