Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: sciAticA errAticA who wrote (14588)	5/27/2004 10:59:20 AM
From: russwinter	Respond to of 110194

Apparently, the unwashed SBUX's masses don't have to worry about things as mundune as say copper Train Wrecks <big, big snicker>. Perhaps they can perpetuate their illusions a little longer? COMEX copper extends early gains to scale 5-week peak Reuters, 05.27.04, 10:23 AM ET NEW YORK, May 27 (Reuters) - COMEX copper's rally to 5-week highs accelerated by midmorning Thursday as short-covering and fund buying boosted futures after earlier trade and technical support in Shanghai and London copper, dealers said. COMEX active July <0#HG:> soared 4.25 cents, or 3.45 percent, to $1.2740 a lb by 10:04 a.m. EDT (1404 GMT), its highest mark since April 21, within a morning range of $1.23 to $1.2795. Major buy-stops were triggered in copper on a host of factors supportive to base metals prices on Thursday including a weaker dollar against its rivals, lower energy prices and surging U.S. equities, trading sources said. "It's a technical breakout above $1.25 and it's got room to $1.30," said Scott Meyers, analyst at Pioneer Futures. The market also was bolstered by nervousness ahead of the May 30 deadline for a new labor contract at Noranda Inc.'s <NRD.TO> CCR copper refinery in east Montreal, where the union has approved a strike mandate, dealers said. "The volume was robust this morning. The funds came in and did a little buying, and technically the market is looking at resistance at $1.28 to $1.30," said James Quinn, AG Edwards commodity commentator at the COMEX floor. COMEX copper will close early at around noon on Friday and the market will stay shut on Monday, in observance of the U.S. Memorial Day holiday. In other trading months, spot May copper rose 4.25 cents to $1.2735, and the back months were up 1.50-4.00 cents. Shanghai copper futures finished higher Thursday on technical and trade buying prompted by waning fears over Chinese government credit curbs. China could suffer a shortage of copper as early as the second half of June, as domestic stocks and imports decline after Beijing's efforts to rein in sizzling economic growth, trading sources in China said. Meanwhile, LME three-months copper <MCU3> bolted to $2,762 a tonne from its prior close at $2,688.