Futures Market News
Copper futures climb as reddish metal heads toward monthly loss
May 29, 2012 12:14 PM
But the advances for the reddish metal with myriad uses in construction, industry and manufacturing were tempered by deepening concerns for the integrity of Spanish banks suffering under the duress of the sovereign debt crisis. The industrial metal thus far has fallen about 8 percent this month as it barrels toward a third consecutive month of losses.
"Copper is supported by a weaker dollar and some month-end repositioning. Hedge funds will continue to sell on the increases," consultant Gianclaudio Torlizzi with T-Commodity told the news source. "Fundamentals are not bad but the macro picture is worrying. People haven't priced in the European situation yet."
At 12:19 p.m. on Tuesday, copper futures increased 0.26 percent, a 0.009 cent lift to $3.457 per pound.
Dow Jones Newswires reports acquisition of copper was viewed as a bargain on Tuesday after the reddish metal last week scraped its lowest price in 120 days.
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