Futures Market News
Copper futures benefit from possible ECB efforts
Aug 07, 2012 11:14 AM
Also benefiting the reddish metal were losses to the U.S. dollar against the common currency of the European Union as the European Central Bank was under scrutiny to confront economic and financial challenges. But those gains were tempered by reduced demand by China, the globe's top consumer of the industrial metal.
"We are sitting here and waiting for the eurozone to deliver something," analyst Andrey Kryuchenkov with VTB Capital told the news source. "Markets are up on speculation that the ECB will make a move soon but copper has been range-bound since the June sell-off and it is unlikely to move much until you see the Chinese depleting their domestic warehouses. Chinese demand is still anaemic at the moment."
At 10:12 a.m. on Tuesday, copper futures gained 1.45 percent, a 0.049 cent lift to $3.438 per pound.
Bloomberg reports China, also host of the globe's second largest economic system behind that of the U.S., was preparing to release economic data about factory production and inflation.
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