May pick up some more as the boxes get ticked,no doubt about that. Am remembering the AVM ride to $20!!....sigh.. Hopefully dml can emulate that...patience.Should see sp up on Monday,as dow did a 4-month high,and SPI @ 60.
LONDON, Sept 24 (Reuters) - Copper inched closer to the psychological $8,000 a tonne level on Friday, as a weak dollar and seasonally strong fourth-quarter demand offset mixed economic data in the United States.
Benchmark copper CMCU3 on the London Metal Exchange closed at $7,945 a tonne from a close of $7,885 on Thursday. Copper, used in power and construction, earlier hit a new five-month peak at $7,990 a tonne.
Copper gained late on Friday, after a drop in U.S. durable goods orders, seen as a key indicator of manufacturing, hurt demand for the dollar.
"An all-time high (in copper) won't be this year but certainly early next," added Bhar on copper. "$8,000 -- we'll see that push through."
A break above $8,043.75 would open the way to prices last seen in August 2008.
COPPER SUPPLY TIGHTNESS?
Copper stocks in LME warehouses rose by a scant 100 tonnes, to 380,225 tonnes, the latest LME data showed, but as a general trend have been in decline, falling counter cycle over summer.
They have dropped by around one third since February, when stocks stood at 555,075 tonnes, the highest level since October 2003.
"The way that the fundamentals are shaping up for copper are very positive," said Gayle Berry, analyst at Barclays Capital. "The market has seen sustained stock draws during the summer, when you usually expect to see stocks increase.
"Raw material supply constraints are still severe, and there is potential for a further pick-up in Chinese buying, given that during the summer months, it looks as though they de-stocked."
The market is already seeing pressure this year, with global demand outpacing supply. The International Copper Study Group said this week that the global market for refined copper was in a 281,000 tonne deficit in the first half.
Barclays expects mining supply constraints to push tin and copper to new annual average peaks next year.
DML Price at posting:
$1.13 Sentiment: LT Buy Disclosure: Held
