metals moving higher, page-5

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A week ago, the contract closed at $2.21, so it's up 6.8% for the week.
Phelps Dodge (PD : ) , one of the world's leading copper producers, said Thursday that the company expects strong copper prices and consumption out of China to jump, said Flynn, citing news reports.
The company predicted a global production deficit of 650 million metric tons from 2004 to 2006, Flynn said.
"That was the buzz that started the copper run," he said. "Basically, it gave a green light for people to buy copper again."
U.S. economic data Friday showed a rise in February industrial output, raising the prospect of higher consumption for the industrial metals. See Economic Report.
"The strong industrial numbers that we've been seeing on the manufacturing side [are] playing into the market momentum -- as well as the strong stock market," said Flynn.
Copper performance over the last 3 or 4 years is "nothing short of miraculous," said Dale Doelling, chief market technician at Trends In Commodities.
He sees "nothing on the horizon that would reverse the trend prior to copper achieving $3 or beyond," he said, adding that "both the fundamentals and the technicals point to continued higher prices.


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