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 Posted - 08/27/2010 : 21:38:54
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U.S. copper sets highest close in 3-wks, stocks rally
Fri Aug 27, 2010 7:38pm GMT
Text [+]
NEW YORK, Aug 27 Print | Single Page[-] (Reuters) -
U.S. copper finished at its
highest close since Aug. 4 on Friday, supported by a rally in
the U.S. stock market that fostered optimism about the U.S.
economy. For detailed report on global copper markets, click on
[MET/L] * Copper for September delivery HGU0 rose 5.85 cents, or
1.77 percent, to close at $3.3630 per lb on the COMEX metals
division of the New York Mercantile Exchange. * Range ran from $3.2785 to $3.384 per pound. * COMEX estimated final copper futures volume at 59,322
lots. * Open interest rose 1,286 lots to 139,511 contracts as of
Aug. 26. * The copper market was pulled higher by a stock market
rally following Fed Chairman Bernanke's speech at Jackson Hole
- traders. * U.S. stocks rose in choppy afternoon trade after Bernanke
said the Fed was ready to take further steps to help the
recovery. [.N] * Bernanke also said the economic recovery has softened
more than expected. [ID:nN27258237] * The Dow Jones industrial average .DJI gained 100.85
points to 10,086.66. The Standard & Poor's 500 Index .SPX
rose 10.09 points to 1,057.31. The Nasdaq Composite Index
.IXIC added 17.94 points to 2,136.63.[ID:nN27273260].[.N] * Earlier on Friday, the U.S. government revised second
quarter gross domestic product to a better-than-expected 1.6
percent. [ID:nN26193565] * However, GDP was previously estimated at 2.4 percent, and
analysts had feared Friday's revision could pull the figure
down to 1.4 percent. * "There was nothing to celebrate after the GDP report, but
the market blasted and the bulls had a reason to rally.
Bernanke's comments later imbued the market with a sense of
optimism," said Ralph Preston, futures analyst with
HeritageWestFutures.com in San Diego, California. * "But the markets are dominated by technicals. Prices were
supported at around $3.30 per pound and that is what traders
were using as a spring board," Preston added. * Also helping the bullish outlook, London Metal Exchange
(LME) copper warehouse stocks fell by 1,150 tonnes on Friday to
400,100 tonnes, <0#LME-STOCKS>. * Traders were also actively dealing copper for December
delivery which will become the front month contract on
Tuesday. * Copper for December delivery HGZ0 rose 5.90 cents, or
1.77 percent, to close at $3.845 per lb. * Benchmark copper CMCU3 on the London Metal Exchange
ended at $7,459 up from a close of $7,304.5 on Thursday.
(Reporting by Selam Gebrekidan; editing by Sofina
Mirza-Reid)
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U.S. copper sets highest close in 3-wks, stocks ra
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