przez queba » 2007-11-28, 23:00
NEW YORK, Nov 28 (Reuters) - U.S. copper futures reversed an early bout of weakness to close higher on Wednesday, supported at the bottom of its range by technical buying and a sharp rally on Wall Street, traders said.
"I think the (copper) move today has more to do with the financials more than anything else," said John Hanemann Sr. of Hanemann Trading in New York.
Copper for December delivery (HGZ7: Quote, Profile, Research) ended up 4.35 cents to $3.0060 a lb on the New York Mercantile Exchange's COMEX division, recovering from an overnight low of $2.9335 and setting a session peak of $3.05.
Larry Young, senior trader at Infinity Futures Inc. in Chicago, cited a supportive technical structure aided in the metal's advance after an overnight test and hold above Tuesday's session low of $2.9335.
"I think the market is trying to develop some support here," Young said. "We have had a pretty significant sell-off and I think we're at a value price here relative to where we have been," he added, referring to the metal's 20 percent slide from its early-October high of $3.78.
Most-active March futures (HGH8: Quote, Profile, Research) rose 4.15 cents to settle at $3.0340, while back months ended with gains ranging from 4.20 to 6.95 cents.
Volumes reached 18,652 lots, compared with Tuesday's final count of 17,279 lots.
Open interest in COMEX copper futures declined by 814 lots to 73,905 contracts as of Nov. 27.
WARSAW (Thomson Financial) - Polish copper miner KGHM will release the second part of its 2006 dividend 'without unnecessary delay' after an appeals court today threw out a shareholder's suit that froze the payout earlier this year.
The company planned to return 1.7 bln zlotys to shareholders in September, but was blocked by a suit from Ryszard Zbrzyzny, the head of its largest trade union.
Earlier, the Polish state treasury, which holds a 42 pct stake in KGHM, forced the company to pay its entire 2006 profit of 3.39 bln zlotys as a dividend, causing an outcry among its trade unions.
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Ostatnio edytowany przez
queba, 2007-11-28, 23:02, edytowano w sumie 1 raz