Manufacturing Gains in Part Boosts Copper Futures

Copper futures are grinding their way higher this month and once again today copper is back up for the first time since last week.  It appears the US manufacturing sector is gaining and talk about China’s government taking steps to improve their economy are likely factors boosting copper futures.

A federal reserve report revealed today output in our nation’s factories, mines and utilities spiked three-tenths of one-percent which is the biggest increase since earlier this year.  A respected news service is also reporting the world’s biggest consumer of industrial metals (China) will have their government’s officials laying out plans for economic growth for the remainder of the year.
           
“If Ben Bernanke continues to print money, in my opinion, that could make the markets rally.  Copper (futures) prices are higher by 450 points in the September contract at 3.19 a pound also at three-week highs with all three of the precious metals have outstanding chart structure as well,” says Mason Ching, Automated Trading Manager, Global Futures Exchange & Trading Company in Encino, CA, regarding the current copper futures situation.

The trend for copper futures remains technically down, but signs of a possible bottom and a change in trend are in the works.  More copper futures price structuring needs to happen to officially change the trend to up, and I will not be looking for any more “short” signals any time soon.

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