Futures Market News
Copper futures climb following investment house advice
May 24, 2011 05:15 PM
One of the top commodity traders on Wall Street encouraged its investors to purchase copper futures, which helped boost the metal's price, Bloomberg reports.
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."
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: TAS Live Room FREE VIP Pass
Enjoy interactive training on Market Profile®, volume analysis & the TAS Tools indicator package!
Daniels Trading is rolling out the red carpet for you. With your complimentary VIP Pass, you’ll enjoy access to the popular TAS Live Room. Your VIP Pass provides admittance to the next Tuesday morning live training session (8:30am-10:30am CT, Chicago).
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.
