looking good, page-41

Looking very good today as copper edges higher closer to my prediction of US$2.20/lb in the coming days/weeks.
We'll see 50 cents ++ today.

Copper May 06,14:25
Bid/Ask 2.1725 - 2.1770

Copper Advances Most in Three Weeks on Demand Speculation

By Anna Stablum

May 6 (Bloomberg) -- Copper rose the most in three weeks in London on speculation that demand is strengthening after stockpiles shrank and higher prices being paid for the metal in China suggest more supplies may be withdrawn from warehouses.

Global inventories monitored by the London Metal Exchange dropped for 16 straight sessions through May 5. Copper booked for delivery now makes up 18 percent of total stockpiles, up from about 1 percent at the start of the year.

“The general draw down in copper will probably continue, and it is obviously supportive,” Dan Smith, an analyst at Standard Chartered Plc in London, said by phone. “We are quite bullish copper short term, and for the time being, the general trend across metals is going to be up.”

Copper for delivery in three months rose as much as $264, or 5.8 percent, to $4,794 a metric ton on the LME, the biggest jump compared with intraday prices since April 14. The contract was at $4,785 as of 5:25 p.m. in London. The metal for July delivery gained 10.80 cents, or 5.2 percent, to $2.1910 a pound on the New York Mercantile Exchange’s Comex division.