Futures Market News
Copper futures hinge on Bernanke testimony
Jul 17, 2012 11:28 AM
Copper futures were increasing on Tuesday as the U.S.' top banker took his seat before congress on Capitol Hill as investors anticipated some sort of indication about economy-spurring measures, according to Reuters.
While the reddish metal benefited from anticipations about indications of monetary stimulus from U.S. Federal Reserve chair Ben Bernanke during his two days of testimony, those gains were tempered by ongoing struggles in the euro zone with the sovereign debt crisis. Demand for industrial metals is sensitive to economic developments due to their use in construction, manufacturing and other industry.
"The more we see disappointing data from the U.S. economy, the more the financial community will expect further stimulus," partner Gianclaudio Torlizzi with T-Commodity told Reuters. "The market is reluctant to take big positions ahead of Ben Bernanke's speech as there is a risk for disappointment if he doesn't announce anything new. So the market is still a bit cautious."
At 10:07 a.m. on Tuesday, copper futures dropped 1.06 percent, a 0.037 slip to $3.448 per pound.
The Wall Street Journal reports losses to the U.S. dollar early on Tuesday were beneficial to the reddish metal.
Don’t Miss Our News Updates!
Share dt News:
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: The Future of Natural Gas in the U.S.
Are you interested in the Energy futures market? Sign up and receive our detailed report today!
Through our exclusive research, you will have access to current global events and price projections that may help you learn how this particular market has the potential to be a strong investment as a commodity.
Special Offer
Register for Your Free 2-Week Trial of the dt Insider Market Advisory!
With your free trial membership, you'll receive full access to our exclusive trade recommendation service and all of the timely and accurate trade information you need to feel comfortable participating in the markets.
