Copper prices are seeing some upside momentum today, boosted by
data that showed auto sales in Europe climbed, while the continued
closure of one of the world's largest copper mines is adding more
Data released this morning showed that new car registrations in
the European Union, a measure of auto sales, rose by 1.7% in April.
This is the first increase since September 2011.
Adding more support to copper is the fact that Freeport McMoRan
Copper & Gold Inc.'s (
) Grasberg mine in Indonesia remains shuttered. The company halted
operations at the mine to try and rescue 25 workers trapped after a
underground tunnel caved in on Tuesday.
Furthermore, support from the market could also be coming from
the fact that refined-copper stockpiles monitored by the Shanghai
Futures Exchange fell to 190,330 metric tons, the lowest since
October, according to data released today.
Copper for July delivery, settled up 0.9%, at $3.3230 a pound on
the Comex division of the New York Mercantile Exchange today.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.