Copper
2010-02-22,Weekly summary 15-19.02.2010
Copper rose to $6830 per ton at LME generally on quite positive data from Japan as this 4th largest economy's GDP gained more than estimated in 4th quarter (4,6% against 3,5%). Moreover specialists from Goldman Sachs kept forecast of this year China growth at 11.4% against 8.7% last year. What is more, Macquarie Group ltd estimates 300 000 to 400 000 MT deficit this base metal against surplus last year despite lower demand by 546 000 MT from China side.
Copper jump to $7110 per ton at London Metal Exchange generally on occasionally dollar weakness refreshing appeal of base metals as alternatives. U.S Dollar Index fell by 0.9% and risk appetite surprisingly rose thanks to better consensus according to Greece debt. Moreover due robust NY manufacturing index figure (jump from 15.9 to 24.9 in February) copper buyers had more purchasing fundamental reasons.
Copper extended gains to $7150 per ton at LME on robust reports about U.S industrial production and new housing starts. Commerce Department revealed 2,8% growth of housing starts in January and Industrial production was placed at 0.9%.
Copper jumped to $7395 per ton according to LME settlement generally as dollar eased. On the other hand there are rising speculations that demand for base metals may easily outpaced supply in the 2nd half of the year.
Some tech. levels:
Res.: $7450 - $7550 - $7660
Sup.:$7200 - $6950 - $6700
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