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Strategies & Market Trends : Commodities - The Coming Bull Market -- Ignore unavailable to you. Want to Upgrade?

To: Robert Douglas who wrote (1256)	4/22/2002 4:51:17 PM
From: Stephen O	Read Replies (2) \| Respond to of 1643

Copper Climbs on Expectations of Improved Manufacturing Demand 2002-04-22 11:02 (New York) Copper Climbs on Expectations of Improved Manufacturing Demand New York, April 22 (Bloomberg) -- Copper futures had their biggest gain in two months on expectations that economic reports this week will add to signs of improved metals demand. Orders placed with manufacturers probably rose in March for the fourth month, and U.S. gross domestic product in the first quarter soared 5 percent, economists said in a Bloomberg News survey. Prices have rallied 24 percent since November as the U.S. emerges from recession, boosting demand for copper from manufacturers ranging from automobile companies to home builders. ``The copper market is anticipating very good economic data this week,'' said Jim Steel, a director of commodity research at Refco Inc. in New York. Copper for May delivery rose as much as 1.65 cents, or 2.3 percent, to 74.95 cents a pound on the Comex division of the New York Mercantile Exchange, the biggest gain for a most-active contract since Feb. 13 and the highest price since April 3. In London, copper for delivery in three months rose as much as $27, or 1.7 percent, to $1,637 a metric ton (74.25 cents a pound) on the London Metal Exchange. The rally accelerated after prices rose above $1,625 a ton, triggering pre-arranged buy orders, said Tony Nappi, a copper trader at Triland USA Inc. in New York. ``The outlook is a bit bullish,'' he said, expecting the May copper contract to reach 76 cents this week. Durable goods orders probably rose 0.5 percent in March, after rising 1.8 percent in February, according to the median of 54 forecasts in a Bloomberg News survey before the government report, scheduled for release Wednesday at 8:30 a.m. in Washington. The gross domestic product report is scheduled for release on Friday. A 5 percent annual growth rate, which was the median of 65 forecasts in the survey, would be the strongest since the second quarter of 2000 and almost three times as fast as the 1.7 percent growth in the fourth quarter of 2001. --Claudia Carpenter in the New York newsroom (212) 318-2346 or at ccarpenter2@bloomberg.net with reporting by Vince Golle and Kristy McKeaney in Washington. Editor: Enoch