Copper Futures Rise on Warehouse Orders

Copper futures are up today reportedly after plenty of orders to remove supplies from warehouses spiked the most in four months.  Inventories are also reported to have also extended their longest decline in four years.

In another avenue for copper prices, here in the US – the world’s second-largest copper consumer – Federal Reserve policy makers are in the first of a two-day meeting with speculation they will maintain their economic stimulus.  In London, orders for (copper delivery) from the London Metals Exchange rose 12% – the most since late June.
           
Barb Levy, chief director for The Fox Group’s futures division in Chicago, had this to say regarding the current copper futures situation,Copper futures rose in today’s trading due to the decline in warehouse inventories of copper along with speculation of continued strength of China’s demand for the metal. China is the world’s largest copper consumer.”

Copper futures technical trend remains “down,” however to the casual glance it has been trading sideways for three months now.  Copper futures should only be traded by those with large accounts.

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