Futures Market News
Conjecture about intervention pushes up copper futures
Jul 03, 2012 01:43 PM
The industrial metal touched its highest price since late May amid financial markets' rallies. Also growing is the belief that the sovereign debt crisis, which has victimized numerous countries within the 17-nation euro bloc, might be grabbing ahold of other world economic powers.
"We've had some quite negative data out of the United States, and on the back of this we're seeing weakness in the dollar and expectations that the Fed will act sooner rather than later," analyst Dan Brebner with Deutsche Bank told the news source. "Also in China there's a growing sense that we may see further stimulus, with another reserve ratio cut, so I think those two things are supporting the base metals."
At 10:33 a.m. on Tuesday, copper futures climbed 2.12 percent, a 0.0735 cent lift to $3.5425 per pound.
The Wall Street Journal reports the industrial metal's Tuesday climb is partially attributable to policies for lending loosening in China, the globe's top consumer of copper.
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