Copper, Coal Company Output Beat Estimates & a Plus for Copper Futures

Demand for copper-made products may be picking up with the underlying actual copper futures contract. A major company using copper in its production output beat first-quarter estimates at a time when copper futures is on the upswing.

Copper production climbed a reported 18% because of higher ore grades from mines in Chile. The mining company had initially raised their 2014 copper-output forecast an additional 10,000 tons.

Kevin Craney, Director of Managed Futures at RJO Futures in Chicago, had this to say regarding the current copper futures situation,Talk of Chinese interest in buying additional copper supplies for their strategic reserve may be fueling some of the rally seen in today’s markets. Copper (futures) continues to show its resiliency in the face of outside markets which have experienced increased volatility over the last month.”

The trend for copper futures is an emerging up-trend. Today’s breakout in copper futures confirms the new trend, and we were long earlier this morning and our target price already realized.

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