Nice bounce in copper - maybe the elliot man is rightSalient...

Nice bounce in copper - maybe the elliot man is right

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LONDON — Copper surged almost 8 per cent on Monday, bouncing back from earlier lows, after data showed a rise in imports by China, the world's top consumer, while stronger equity markets also boosted industrial metals.

“We had some pretty encouraging Chinese trade data. The full set of data showed China was a net importer for all of the base metals,” analyst Gayle Berry at Barclays Capital said.

China's monthly refined copper imports rose 15 per cent in October to an eight-month high, boosted by attractive profit margins.


“The market may be starting to look at prices bottoming out,” ANZ senior commodities analyst Mark Pervan said.

“We should see more gains in equities which will feed into stronger commodity prices, but it is important to remember although this will generate confidence across markets, one swallow doesn't make a summer.”


http://ctv2.theglobeandmail.com/servlet/story/RTGAM.20081124.wbasemetals1124/business/Business/businessBN/ctv-business