Futures Market News
Copper futures advance after July jobs gained in U.S.
Aug 03, 2012 02:45 PM
But advances for the industrial metal were tempered by concerns about the sovereign debt crisis' damaging tendencies in the euro zone, particularly its ability to slash demand for the reddish metal. Copper is sensitive to worldwide economic and financial developments due to its widespread use in manufacturing, construction and other industry.
"Although the numbers are decent, they're not so amazing that the Fed are going to turn around and say the economy is fine. It will take a long and sustained period of improving data for the Fed to say that," macro strategist Guy Wolf with Marex Spectron told the news source. "If we are moving into an environment where there is no more bad news, copper could get out of this range and move back towards $8,000. If people start selling U.S. Treasuries, then that money will be seeking a home in places like base metals."
At 2:43 p.m. on Friday, copper futures gained 2.26 percent, a 0.0745 lift to $3.365 per pound.
The Wall Street Journal reports the reddish metal's advances on Friday touched 2 percent.
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