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n/a
deleted
81 Posts |
 Posted - 06/09/2009 : 03:34:04
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U.S. copper futures steadied at slightly lower levels Monday morning as a weaker tone on Wall Street and an extended rally in the dollar versus the euro weighed on values.
Copper for July delivery HGN9 was trading down 1.95 cents, or 0.85 percent, at $2.2645 a lb by 10:26 a.m. EDT (1426 GMT) on the New York Mercantile Exchange's COMEX division.
Morning range from $2.2305 to $2.3085.
COMEX estimated futures volume at 8,512 lots by 10 a.m.
Dearth of fundamental news to keep broader base metals complex looking to external factors to determine short term price direction - RBC Capital Markets.
The euro slumped to a near-two week low against the dollar <EUR=> after ratings agency Standard & Poor's cut Ireland's sovereign credit rating on Monday to AA -- its second downgrade in three months. [USD/]
A stronger U.S. currency makes dollar-priced metals less attractive to non-U.S. investors.
Copper down in sympathy with U.S. equity markets - analysts. [.N]
Last week, surprisingly strong U.S. payrolls data for the month of May helped drive the COMEX copper price to a 7-1/2 month high of $2.3530. [ID:nN04486858]
London Metal Exchange warehouse stocks <LME/STX1> shed another 2,125 tonnes on Monday, bringing total warehouse levels to 297,850 tonnes.
Canceled warrants -- metal set to leave warehouses -- stood at 32,475 tonnes from 34,825 tonnes the previous session.
COMEX copper stocks CMWSU went up 421 short tons to 57,239 short tons as of Friday.
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Gr33nday43
New Member
Uzbekistan
10 Posts |
Posted - 06/09/2009 : 03:55:31
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| WHY is the dollar rallying? Are these people crazy? |
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Country
1000+ Penny Miser Member
USA
3121 Posts |
Posted - 06/09/2009 : 07:27:41
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| Temporary pause; profit taking. Going down again this morning. |
---> Come to the new and improved realcent: http://realcent.org
The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.
– Theodore Roosevelt
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vrbsroma
Penny Collector Member
394 Posts |
Posted - 06/09/2009 : 10:41:54
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"Two week low"
Markets/Wall Street are very volatile. This article is not long-term. It's actually very short-term and not of interest to a metal (long-term) investor. |
As far as I know, it is stated "In God We Trust" on the US dollar. How can I trust this currency if I do not believe in God?
Possession is nine-tenths of the law.
When I give my two cents, they're always copper! |
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US copper weakens at open as dollar extends rally
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