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Ardent Listener
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 Posted - 01/26/2009 : 10:01:29
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CURRENCIESMUTUAL FUNDSETFsCOMMODITIESECONOMIC CALENDAR Updated: New York, Jan 26 11:05London, Jan 26 16:05Tokyo, Jan 27 01:05
• Oil Rebounds With Equities, Commodities on Signs Stimulus to Spur Economy
• Global Food Prices Will Likely Advance Again, U.K.'s Chatham House Reports
• Gold Advances to Three-Month High on Demand for Haven as Economies Slide
Copper Rises to One-Week High in New York on Stimulus Outlook
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By Millie Munshi
Jan. 26 (Bloomberg) -- Copper rose, touching the highest price in almost a week, on speculation government stimulus plans will spur economic growth and boost demand for the metal used in pipes and wires.
U.S. President Barack Obama last week pressed congressional leaders to reach a consensus on an $825 billion stimulus package in a bid to revive expansion. Before today, copper had gained 4.4 percent this year on speculation that government spending on infrastructure development will boost demand.
“The government is going to work hard to stimulate the economy and that’s going to help the overall sentiment in the market,” said Michael K. Smith, president of T&K Futures & Options in Port St. Lucie, Florida. “Copper is starting to find a bottom.”
Copper futures for March delivery added 6.55 cents, or 4.4 percent, to $1.5375 a pound at 9:17 a.m. on the New York Mercantile Exchange’s Comex division. Earlier, the metal touched $1.5545, the highest since Jan. 20.
The metal also gained today as traders who follow historical price charts bought copper, Smith said.
“A lot of people are thinking that the downside here has been really overdone,” Smith said. “There are a lot of people following the technicals for copper right now, and they’re getting buy signals.”
On the London Metal Exchange, copper for delivery in three months added $149, or 4.6 percent, to $3,400 a metric ton ($1.54 a pound). The price reached a record $8,940 on July 2.
To contact the reporter on this story: Millie Munshi in New York at mmunshi@bloomberg.net
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Copper rises to one week high
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