A very interesting night for copper on the US exchanges. It was the fourth trading day in a row where contract volumes were about 20% above the average daily contract volume. Buying copper has really stepped up.
Prior to the super strong US jobs report that was announced during morning trade, copper had risen to US$4.36/Ib in line with the strong copper buying volumes. Immediately the jobs report was issued copper reversed and fell to close at the end of afternoon trading at US$4.29/Ib.
Copper eased to close at US$4.29/Ib…………AUD USD. $0.614…..equivalent A$15,400/tonne
Gold closed up at US$2,691/oz
Zinc closed up at US$2,866/tonne
Next week should be an eye opener for the copper price.
AIS Price at posting:
17.5¢ Sentiment: Buy Disclosure: Held
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