Richard the continious Copper surge may be even more significant that silver (largely by-product of copper mining) In the past all golden houses had copper roofes ..
Copper Futures Post Big Gains
Monday, 8 February 1999
(AP)
COPPER FUTURES posted their biggest gains in four months Monday on the
New York Mercantile Exchange amid hopes that a strong U.S. economy
and signs of recovery in Asia will boost demand for the metal.
On other markets, energy futures slumped as above-normal temperatures
continued to dim the demand picture, while cocoa slumped to a two-year
low.
Copper futures jumped 3 percent in heavy follow-through buying to a rally
that began late last week amid signs of surprisingly resilience in the
domestic economy.
Market participants said the latest good news came Friday, when the
Labor Department announced employers added more jobs than expected
in January. Analysts said more jobs would mean more spending and more
demand for copper in areas such as electronics and plumbing.
Also supporting prices were signs that at least some Asian nations are
starting to see a partial recovery from the economic turbulence that rocked
the region last year.
Copper for March delivery rose 1.85 cents to 68.45 cents a pound, its
highest level since early December. Prices have risen more than 7 percent
in the past week.
Crude and its products slumped on the New York Mercantile Exchange,
dragged lower by forecasts for above-normal temperatures in the
Northeast and Midwest with the heating oil season quickly coming to a
close. Those two regions account for most of the nation's demand for
heating oil.
March crude fell 13 cents to $11.67 a barrel; March heating oil fell 0.52
cent to 30.28 cents a gallon; March unleaded gasoline fell 0.21 cent to
34.78 cents a gallon. Natural gas futures inched higher in listless trading,
rising 1.8 cents to $1.818 for each 1,000 cubic feet.
Cocoa fell to its lowest price in more than two years on the Board of
Trade of the City of New York. Cocoa, used in making chocolate and
other candies, usually is in peak demand in the summer time, as
manufacturers gear up for making Halloween and Easter confections.
March cocoa fell $20 to $1,286 a metric ton, the lowest since early 1997. |
