Copper Ends at 1-Month High

Copper Oct 24, 2011 No Comments

CopperCopper futures surged 7.1%, ending at a one-month high as strong manufacturing data from top consumer China and hopes for a European debt deal sent investors who had bet against the industrial metal rushing to reverse those positions.

The contract for October delivery rose 22.8 cents to settle at $3.447 a pound on the Comex division of the New York Mercantile Exchange, the highest settlement price since Sept. 22.

Copper futures have swung wildly in recent days, dropping a combined 9% on Wednesday and Thursday as investors bet that the prospects for a speedy resolution to Europe’s debt crisis were slipping, only to rise by 13% in the subsequent two sessions as those bets were reversed amid upbeat sentiment and Chinese manufacturing data.

Benchmark copper futures have had daily moves of more than 3% for four consecutive sessions, the longest such streak since January 2009.

via Copper Ends at 1-Month High – WSJ.com.

Rod Sherkin

Rod is a former senior executive, responsible for Purchasing, for both Pillsbury and Ball Packaging back in the 80’s and 90’s. Since then, he has continued to work in the Purchasing field as both a consultant and founder of the website Propurchaser.com.

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