Futures Market News
Copper pushes higher on global growth, shrinking stocks
Jul 08, 2010 02:04 PM
Copper futures got off to a positive start on Thursday morning, with contracts for September delivery rising 2.45 cents to $3.0395 per pound on the Comex in New York just after 9a.m. EST.
The metal was aided by news that May industrial production rose in Germany by 2.6 percent rather than the projected 1 percent.
Overall, the picture for copper is mixed - it hasn't done particularly well this year, and signs of further economic weakness could cause more drops in the price. Good corporate earnings reports, on the other hand, could give the commodity a boost as traders move to lock in relatively low prices before consumption begins to increase.
Another key market is China, which imports hundreds of thousands of tons of copper each month to aid in construction and manufacturing.
Many analysts inside and outside the country believe it is currently experiencing its own property bubble, and the government has begun taking steps to curb growth and development in the real estate industry.
If China sees real reverses in building and construction, copper prices may plummet as the country consumes less metal.
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