Futures Market News
Copper futures climb following investment house advice
May 24, 2011 05:15 PM
Copper futures increased as a result of advice offered by Goldman Sachs Group. The metal is "well supported" and "will not collapse," competing investment house JPMorgan Chase said.
"We believe that current copper-price levels offer an attractive opportunity to establish long positions in the metal,” according to a Tuesdy report by Goldman Sachs analysts who were led by Jeffrey Currie, a London-based head of commodity research.
On Tuesday, copper futures closed up 0.54 percent, a 0.0215 percent climb to $4.013 per pound.
Demand for copper might be curtailed by interest rate increases in China, which is the globe's top user of industrial metals.
"The question is not if Chinese consumption will grow by 12 percent or 9 percent, but that it is growing," Christian Schirmeister, a JPMorgan Chase Bank executive director, said at a Tuesday conference in Singapore. "China (sic) physical demand is finally beginning to show up in the nearby spreads, although the volumes still are soft."
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