Sign in Subscribe
Newspaper publishing

Copper Futures Settle in Positive Territory Amid Equities Strength and Dollar Weakness

Strategic Insights

— 1 min read

Copper futures managed to settle in positive territory on Wednesday, despite a weak finish, driven by equities strength and a weakening US dollar. The metal, however, came off its intraday highs as participants took profits and the greenback began firming. The March copper contract rose 1.15 cents to settle at $1.4960 a pound, off its $1.5535 intraday peak.

Key Takeaways:

  • Copper futures settled in positive territory, despite a weak finish, driven by equities strength and a weakening US dollar.
  • The metal came off its intraday highs as participants took profits and the greenback began firming.
  • The March copper contract rose 1.15 cents to settle at $1.4960 a pound, off its $1.5535 intraday peak.
  • Stronger crude prices helped the metal, but as the dollar moved up from its lows, copper began softening.
  • Analysts said that copper's demand prospects are weak until there are clear signs of economic recovery.
  • Inventories of copper stored in London Metal Exchange warehouses rose 3,125 metric tons Wednesday, leaving them at 454,925.
  • The recent Comex inventory data, released late Tuesday, were up 325 short tons at 39,934 short tons.

Statistics:

  • The March copper contract rose 1.15 cents to settle at $1.4960 a pound.
  • The metal came off its intraday highs of $1.5535.
  • The US dollar index was down 0.483 point at 83.943, up from the day's low of 83.571.
  • Nymex March crude was up 23 cents at $41.81 a barrel.
  • The Dow Jones Industrial Average was up 116.37 points at 8,291.10.

Sources:

  • Dow Jones Commodities News (via Comtex)
  • Standard Bank analyst Leon Westgate
  • OptionSellers.com broker and futures analyst Michael Gross
  • ICE Futures U.S. dollar index
  • Nymex March crude futures
  • Dow Jones Newswires
  • Bloomberg

Read more