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MTECHTIPS:-Copper bounces off 8-week low after Spain GDP data
Copper futures bounced off the lowest level since early-September during European morning hours on Tuesday, as sentiment firmed up after data showed that Spain’s economy contracted less-than-expected in the third quarter.Market sentiment found additional support after the initial damage caused by Hurricane Sandy appeared to have been less severe that some had feared.On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.519 a pound during European morning trade, gaining 0.7%.Earlier in the day, prices rose by as much as 0.8% to hit a session high of USD3.520 a pound. On Monday, futures fell to USD3.482 a pound, the cheapest level since September 5.Trading activity was expected to remain thin on Tuesday, as investors continued to monitor the trajectory of Hurricane Sandy, as it barrels along the U.S. East Coast.Markets in the U.S. were set to remain closed for a second day on Tuesday due to disruption caused by the superstorm.Market sentiment firmed up after official data showed that the Spanish economy contracted by 0.3% in the third quarter, compared to expectations for a 0.4% contraction.
Copper futures bounced off the lowest level since early-September during European morning hours on Tuesday, as sentiment firmed up after data showed that Spain’s economy contracted less-than-expected in the third quarter.Market sentiment found additional support after the initial damage caused by Hurricane Sandy appeared to have been less severe that some had feared.On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.519 a pound during European morning trade, gaining 0.7%.Earlier in the day, prices rose by as much as 0.8% to hit a session high of USD3.520 a pound. On Monday, futures fell to USD3.482 a pound, the cheapest level since September 5.Trading activity was expected to remain thin on Tuesday, as investors continued to monitor the trajectory of Hurricane Sandy, as it barrels along the U.S. East Coast.Markets in the U.S. were set to remain closed for a second day on Tuesday due to disruption caused by the superstorm.Market sentiment firmed up after official data showed that the Spanish economy contracted by 0.3% in the third quarter, compared to expectations for a 0.4% contraction.
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