Credit: Shutterstock photoCopper has been one of Shayne Heffernan's strong buys this week under $4 but still represents value today. Chinese copper imports for July rose to levels not seen since the beginning of 2011, giving hope of a surge in regional demand.
Copper started a move higher, as stocks recovered after better-than-expected U.S. jobless data gave a fillip to risk appetite while China's pegging of the yuan at its sixth record in ten trading days offered support for the
country's imports of commodities.
Three-month copper on the London Metal Exchange rose 0.5 percent to $8,929 a tonne by 0349 GMT, after losing 3.3 percent in the last session.
The most-active October copper contract on the Shanghai Futures Exchange SCFcv1 rose 0.4 percent to 67,000 yuan per tonne, catching up with overnight London losses, after falling 0.6 percent in the last session.
Copper Heading to $5
Shayne Heffernan
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
