Copper may rise to $7,875 a metric ton this week after prices formed an Elliott Wave, a chart pattern signaling the potential for even more gains, according to technical analysis by Sucden Financial Ltd.
[Australia Investment Review] - The relief shown in equity markets at the relative good news around the August jobs data spilled over into commodities in the US Friday. For example, Comex December copper rose on the day to finish the ...
Base metals prices are driven by singularly by China. China is the biggest producer and consumer of base metals in the world and price direction in metal prices is largely dependent upon Chinese economic data releases.
Copper advanced for a fourth day, extending its third weekly gain, after U.S. employers added more jobs than estimated, easing concerns about slowing growth.
Asian stocks touched one-month highs on Monday and European bourses extended last week's rally, as investors bet a recent run of better-than-expected economic data meant the world was not going to slide back into recession.
Silver settles at its highest price since March 2008 and gold futures post losses as a drop in U.S. payrolls didn't turn out as steep as forecast. Copper also notches a four-month high.
Copper headed for a third weekly advance in London before U.S. payrolls data and as stockpiles dropped for a 28th week, signaling steady metals demand.
Copper futures in Shanghai may climb to 64,000 yuan ($9,412) a metric ton by the yearend, a level not seen since the collapse of Lehman Brothers Holdings Inc. in 2008, Cifco Research Institute said, citing trading patterns.
Copper reached a four-month high in London after the International Monetary Fund boosted its growth forecast for South Korea and factory orders in the U.S., the metal