“Copper rose for a fourth day in New York before reports that may show builders in the U.S. broke ground on more houses and industrial production continued to expand, signaling steady demand.
Housing starts climbed 3.6 percent to a 569,000 annual rate last month, according to economists surveyed by Bloomberg News. Industrial production probably gained for a sixth consecutive month, increasing 0.4 percent, a separate survey showed. Prices also advanced on signs of stronger buying interest in China, the world’s biggest copper consumer.
“There is the air of greater confidence around in the market,” said Steve Hardcastle, head of client services for industrial commodities at Sucden Financial Ltd. in London. “The price now more closely resembles the fundamental picture for copper. In the last couple of days, we have seen a little bit of Chinese physical interest.””
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China Copper only spiked on German GDP data before it closed, and last night it was flat for most of the night with just a spike into the close. China Copper Companies were slapped down uber hard two nights ago, a little dead cat last night, but not that much, faded too…China Stockpile levels on ports very high still.
All true….but a spike it was into the close.
Hopefully it will stabilize soon.
As a indicator it has been looking awful recently….