But the advances for the reddish metal with myriad uses in construction, industry and manufacturing were tempered by deepening concerns for the integrity of Spanish banks suffering under the duress of the sovereign debt crisis. The industrial metal thus far has fallen about 8 percent this month as it barrels toward a third consecutive month of losses.
"Copper is supported by a weaker dollar and some month-end repositioning. Hedge funds will continue to sell on the increases," consultant Gianclaudio Torlizzi with T-Commodity told the news source. "Fundamentals are not bad but the macro picture is worrying. People haven't priced in the European situation yet."
At 12:19 p.m. on Tuesday, copper futures increased 0.26 percent, a 0.009 cent lift to $3.457 per pound.
Dow Jones Newswires reports acquisition of copper was viewed as a bargain on Tuesday after the reddish metal last week scraped its lowest price in 120 days.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.