Nice headline to wake up to on the AFR:ASX to rise, European...

Nice headline to wake up to on the AFR:

ASX to rise, European shares rally on copper, oil
"Australian shares are set to open higher, as miners paced gains in Europe with copper reaching its highest in eight years"

"The miners lifted in sync with copper, which jumped to its highest since 2012. Three-month copper on the London Metal Exchange was up 0.8pc at $US8395 a tonne at 1700 GMT, its highest since September 2012.

“There’s a very, very strong focus on reflation and there’s also a feeling that Chinese demand is not going to be as weak as in previous new years because travel restrictions are keeping more production capacity open,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.

Hansen said the technical picture for copper was bullish because of an uptrend channel that has persisted since last March.

“The upper bound of that channel is $US8700, so there’s another $US300 and that’s going to be the next target for copper,” he said.

ANZ has set a 12-month target price of $US9000 a tonne for the metal often used as a gauge of global economic health.

“With environmental policies accelerating the use of copper, we see the market remaining tight this year,” said Daniel Hynes, senior commodity strategist at ANZ."