U.S. Copper Recovers, Confidence Data Provide Lift
Source: Reuters (5/26/09)
"I was looking for positive, but this is very solid."
Copper for July delivery HGN9 was trading up 0.25 cent at $2.10 a lb by 10:44 a.m. EDT (1444 GMT) on the New York Mercantile Exchange's COMEX division.
COMEX copper prices reverse overnight losses in response to data showing U.S. consumer confidence soar in May to its highest level in eight months.
"This is very positive, better than expected," said Peter Kenny, managing director at Knight Equity Markets in Jersey City, New Jersey. "I was looking for positive, but this is very solid. This is going to arrest any erosion we've seen in the (stock market) rally."
COMEX net speculative short position in copper futures rose to 18,808 lots in the week ended May 19, from 18,739 lots a week earlier. Open interest was down at 105,791 contracts in the latest week, compared with 108,470 in the week of May 12.
LME copper for three-months delivery MCU3 was last trading at $4,596 a ton from $4,610 the previous session.