US copper futures stretched higher early Friday, extending weekly gains of nearly 8 percent and maintaining support near the $3.30 per lb level, despite a stronger tone in the dollar from a Federal Reserve decision to hike its discount rate. Copper for March delivery up 2.35 cent to $3.3090 per lb by 10:42 am EST (1542 GMT) on the New York Mercantile Exchange's COMEX division.
Range $3.2120 to $3.3150. On Thursday, March copper hit a three-week high at $3.3285. Active May contract rose 2.40 cents to $3.3295. COMEX estimated futures volume at 23,126 lots by 10 am. Market at high end of range, with near-term test of $3.35 level likely. Extra fundamental push needed to breach that resistance, said Tom Hartman, broker with Altavest Worldwide Trading in Mission Viejo, California.
Comments
Comments are closed.