Good result today, ABY up 3 cents or 6% on little volume.All...

Good result today, ABY up 3 cents or 6% on little volume.
All those investors who were buying ABY under 50 cents must be pleased with their purchases. Those like myself who have averaged down and loaded up would be smiling today.

Copper up over 2 percent as short-covering resumes

Copper jumped more than 2 percent to a seven-week high on Tuesday as a short-covering rally swept the market higher amid hopes for further economic stimulus by central banks that could reignite sluggish industrial demand for the metal.

An unexpected rise in the services sector of top metals consumer China, expanding at its fastest pace in three months in June, also lifted market sentiment.

Three-month copper on the London Metal Exchange rose 2.5 percent to a session high of $7,823 a tonne on Tuesday, its highest since May 15, before paring some of those gains. It was untraded at the close but was last bid at $7,818 per tonne from $7,625 at the close on Monday.

In New York, the most-active September COMEX contract settled at $3.54 per lb, up 2.04 percent from Monday. The red metal hit an intraday high of $3.5565, its highest since mid-May.

Copper and other commodities outperformed rises in other financial markets as short covering continued apace. They were also boosted by the stronger euro.

Speculative investors have been short copper since mid-May, building their largest bet on lower prices since March 2009 amid deepening despair over the euro-zone crisis, according to Commodity Futures Trading Commission data.

But prices on both sides of the Atlantic are approaching overbought territory, with the Relative Strength Index (RSI), a momentum oscillator that measures the speed and change of price movement, rising to above 60 for both contracts on Tuesday.