copper price direction, page-2

radar,

This was reported on the 26/4/2014.

Copper on the London Metals Exchange has closed higher as investors saw an improved supply-demand outlook for the metal.

At the close of open-outcry trading in the London ring on Thursday, LME three month copper was up 1.2% from the previous session's closing price of $6753 a metric tonne.

The metal on Thursday traded at prices not seen for nearly seven weeks.

"Copper prices have leapt higher this afternoon - optimism about the global economy has picked up boosting hopes of increased consumption "said IG chief market strategist Brenda Kelly.

The red metal is used to make a range of everyday goods and, as such, investors watch key growth and manufacturing metrics for clues about future demand.

On Thursday prices took strength after brighter readings from the US ,the world's second largest copper consumer after China which stoked hopes of a better demand.

Data showed US demand for big-ticked factory goods rose more than predicted for March.

Durable goods orders rose a seasonally adjusted 2.6 % from February, the biggest jump since November and more than the 2% the economists expected.

I would add further that the copper stock on the London Metals Exchange currently stands at 238,950 tonnes.

This is a low stock in comparison to what the London Metals Exchange used to hold.