March copper was able to post an upside breakout overnight, and in the process the market reached a fresh new all-time high. With tin prices also reaching new highs, it appears for many traders that industrial metals are garnering support from favorable German employment readings and from favorable equity market trading action. Rising iron ore prices have also been widely seen as providing copper with indirect support as a cyclone is threatening Australia and is expected to disrupt production and cause additional flooding. According to news headlines overnight, there are expectations in the copper market of a resumption of buying from China after the coming Lunar New Year holiday period. The copper market was not seen as having a strong reaction to news from the World Bureau of Mineral Statistics of an increased forecast for global copper production during 2010. LME Copper Stocks were 393,925 tons, down 100 tons.
Join the Discussion