Copper Futures Soar on Industrial Optimism

There is a consensus that the Federal Reserve private bank will continue making asset purchases to shore-up economic growth.  With this revelation, copper futures soared today to their highest closing price since October.

There is high sentiments that the Feds will continue to purchase more debt after a Commerce Department reported the US economy contracted unexpectedly.  Some economists out there expect the Feds to continue buying $85B in securities each month.  All this bodes well for copper futures and other industrial metals.

The (copper futures) market is treating the news that GDP unexpectedly shrank in the 4th quarter as a clue that the Fed will keep interest rates low for an extended period of time,” said Kevin Riordan, director of research at Capital Trading Group in Chicago, regarding the current copper futures situation.

Copper futures are extending their uptrend rally today.  No sign of a top for copper futures any time soon.

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