Copper now back on track to hit US$2.60/lb in Sept. ABY next target $1++ We've had a few weeks with the bears back in town, but now we're seeing metal traders starting to realise that China is still buying. China will tell us any story to make us believe that growth in China has slowed and they are only stockpiling. Absolute garbage. At least some analysts are starting to realise this. You can't build THOUSANDS of highrise apartments without using copper. The Chinese love their airconditioners, think about all that COPPER.
LONDON, July 20 (Reuters) - Copper hit a nine-month high on Monday on a weaker dollar and improving economic sentiment, while analysts speculated global demand for industrial metals could start gaining pace later this year.Copper for three-months delivery on the LME was at around $5,430 a tonne, traders said, from a close of $5,310 on Friday. Traders said the metal used in power and construction earlier hit a high of $5,464.75, its highest since mid-October.
"The market is becoming more positive about the economic outlook and about the outlook for base metals demand," said Gayle Berry, an analyst at Barclays ( BCS - news - people ) Capital.
Investors are gaining confidence in the prospect of economic recovery as data, though still mixed, is gradually improving. A recent slew of upbeat U.S. earnings has also cheered investors.
ABY Price at posting:
61.0¢ Sentiment: Buy Disclosure: Held
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