Copper rose for the Greek EU aid agreements boost the euro – copper, the stock market – the HVAC industry
HC HVAC & R Network According to sources in New York on March 26, COMEX copper futures closed higher Friday after the euro by the European Union and the International Monetary Fund announced that Greece would, if necessary, to provide emergency assistance to boost the debt problem.
COMEX5 month copper contract settled 2.25 cents, or 0.67% to 3.4030 U.S. dollars per pound. Almost no trade, but remains in recent months, the March copper futures contract rose 2.20 cents, or 0.65% to 3.3930 U.S. dollars per pound.
Midwest a copper trader said the market was the main catalyst for a stronger euro, the Greek aid scheme previously agreed on. If the European Union and the International Monetary Fund have agreed to strengthen the Greek debt to provide emergency assistance.
A New York dealer, said: “Earlier this morning a slight risk appetite improve, but then it seems stagnant. Market highs hit after opening at the COMEX floor, after the price drop.”
However, another New York dealer noted that the improvement in risk appetite is not only in Greece, after the rescue agreement reached, but also appear Reuters / University of Michigan consumer confidence index was announced. The United States in March Reuters / University of Michigan consumer sentiment index value of 73.6, 73.0 analysts had expected. 2 month-end value of 73.6.
The same time, two traders said overnight the Shanghai Futures Exchange copper prices also rose, they say this reflects China’s continued demand, China is the world’s largest copper consumer.
Scrap metal market is still tight, the dealer said. He believes this is due to industrial activities are still weak, means that recycling of metal and then reduced.
A New York trader said copper is still range-bound, but is trying to break through first line. He said in May copper is about 3.41 U.S. dollars have been initial resistance fluctuations. Traders also believe that resistance at around 3.43 U.S. dollars, and on March 1 highs 3.4870 U.S. dollars.
Recent exchange inventory data provide support for stock market decline is seen as a sign tight. LME copper warehouse stocks fell 1,900 tonnes to 516,925 Friday tons. Weekly data on the Shanghai Futures Exchange, copper inventories were down 13,636 tons to 155,465 tons.
Latest COMEX inventories report, as of Thursday afternoon, copper inventories fell 220 short tons to 101,468 short tons.
Following the closing price of copper (trading range, including Electronic Plate and floor):
5 copper closed at 3.4030 U.S. dollars per pound, up 2.25 cents the previous day, trading range between 3.3375-3.4340 dollars;
7 copper closed at 3.3930 U.S. dollars per pound, up 2.20 cents the previous day, trading range between 3.3360-3.4100 dollars.
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