copper

Will this positively impact the likes of Oxiana?
I cant help but think the ox is about to wake up at last..

Cheers

Commy


DJ BASE METALS: Comex Copper Closes Above 200-Day Average
By Allen Sykora

Of DOW JONES NEWSWIRES



A combination of technical strength, favorable U.S. economic data and
stronger crude oil futures helped copper post a gain Thursday, analysts said.
Copper closed above its 200-day moving average.

The most-active May copper contract rose 2.40 cents to settle at $3.0865 per
pound on the Comex division of the New York Mercantile Exchange.

Some support came from an upward revision in fourth-quarter U.S.
gross-domestic-product growth to 2.5% from the previously reported 2.2%, said
Jim Quinn, commodity floor analyst with A.G. Edwards. A stronger economy bodes
well for copper demand.

Also, the strength in crude oil spilled over into copper, Quinn said.

"We were able to get back above the 200-day moving average, which was
$3.0685," Quinn said. In particular, this may have brought in some
managed-money buying, he said.

The analyst also cited the market's ability to hold above nearby support
traders have been putting around $3. And, technically, a higher low than
Wednesday also helped sentiment.

Several traders and analysts said during the course of the day the market
still perceives fundamentals to be favorable, leading to buying lately on any
profit-taking price pullbacks.

"Copper is reacting to continued growth in China," said Michael Gross, broker
and analyst with Liberty Group. "The market continues to believe the Chinese
economy continues to be strong."

There is potential for month-end position squaring on Friday, said Quinn.
Otherwise, the market will be watching for the once-a-week inventory data
release from the Shanghai Futures Exchange, as well as a heavy slate of U.S.
economic data, he said.

The U.S. economic calendar is full Friday and includes:

-- personal income and spending at 8:30 a.m. EDT (1230 GMT), with both
expected to be up 0.3% in February;

-- the Chicago Purchasing Managers Index at 9:45 a.m. EDT (1345 GMT),
expected to rise to 50.0 in March from 47.9 last month;

-- University of Michigan consumer-sentiment index at 10 a.m. EDT (1400 GMT),
expected to come in at 88.5, compared to 88.8 in the middle of the month; and

-- January construction spending at 10 a.m. EDT (1400 GMT), expected to fall
0.5%.

Inventories of copper in London Metal Exchange warehouses rose 650 metric
tons Thursday, leaving them at 179,875 metric tons. The most recent Comex
stocks data, released late Wednesday afternoon, were down 118 short tons at
36,438 short tons.


Copper settlements (ranges include electronic and pit trading):
May (HGK07) $3.0865; up 2.40c; Range $3.0260-$3.0950
July (HGN07) $3.0825; up 2.50c; Range $3.0300-$3.0880


-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
[email protected]