Copper futures achieve third-straight day of gains

The likelihood of copper futures gaining again is high as supplies of the reddish metal will drop to their lowest levels in 48 months due to mistakes with operations, shortfalls in employment and the reduced quality of ore grade, Barclay Capital analysts told Bloomberg.

Supplies of the reddish metal will last 2.7 weeks by the end of this year, according to projections forecast by Gayle Berry and Nicholas Snowdon. That figure is down from 3.2 weeks for the end of last year and 3.6 weeks for the end of the year prior.

"All of these issues are going to keep the level of disruptions elevated," Snowdon told the news source. "There are new projects hitting the market, but it's a relatively disappointing outlook" for inventories.

At 1:01 p.m. on Thursday, copper futures gained 1.7 percent, a 6.3 cent rise to $3.7705 per pound.

Dow Jones Newswires reports Thursday's climbs for the reddish metal, which are marking a third consecutive day of gains, are attributable to reduced jobless claims in the U.S. influencing economic sentiment to climb.

The risk of loss in trading futures contracts or commodity options can be substantial. View the risk disclosures below.

market-spine-250x425

Learn Futures Technical Analysis with The Market's Spine

Give Your Trading the Backbone it Needs to Succeed, The Market’s Spine is a free 34-page futures technical analysis guide that details how to read the backbone of recent market activity, explains a handful of indicators that are well known to institutional and fund traders, and more. Expand your futures technical analysis knowledge here.

Free Download

Risk Disclosure

This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>