Copper Futures Advance on Budget Deal

Once the lawmakers passed the bill to avoid the “fiscal cliff,” copper futures rallied the most in over the past three months.  Copper futures have been in a “coiling range” not only in 2012, but in the larger view since the beginning of 2011 as well.

Both the US House and Senate authorized the appropriations which should undo income-tax increases for most American households.  President Obama has promised to sign the bill into law.  Many financial-based markets have rallied today on this news.

While the action out of Congress to avert the fiscal cliff is positive, and the markets are cheering this, caution should be heeded. There are several issues that still have to be tackled by Congress, such as the debt ceiling and additional spending cuts,” says Kevin Craney, a senior commodities broker for RJO Futures in Chicago, regarding the current copper futures situation.  Craney adds, “Short-term the news overnight is positive for the copper market, but looking forward the copper market is in for volatility as additional tough decision lie ahead.”

Copper futures are in an emerging uptrend at this time.  Look for more copper futures trades this year.

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