Home Sales & Rising Demand Help Copper Futures

After three down days, copper futures have paused here on signs of increasing demand from home sales rebounding last month.  Copper futures are up slightly at $3.2720 per pound as of this writing.

China is the world’s biggest consumer of copper and their current usage of the industrial metal has climbed to levels not seen since late 2011.  The US is the next biggest consumer and domestic sales increased almost 8% according to gov’t figures – topping analysts estimates.
           
Mason Ching, Automated Trading Manager, Global Futures Exchange & Trading Company in Encino, CA, had this to say regarding the current copper futures situation,In my opinion, copper futures fell on global economic concerns after the weaker-than-expected U.S. September consumer confidence and German September IFO business climate reports.”

The trend for copper futures remains down despite it trading between a broad range between $3.20 – $3.40 per pound.  I need some kind of bounce in copper futures prices before initiating another short position.

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