Copper prices closed higher on Wednesday after touching a fresh 4-1/2 month high, supported by a surprise decision from the Bank of Japan (BoJ) to further ease its monetary policy. COMEX copper for December delivery rose 2.70 cents to settle at $3.8140 per lb, after moving between $3.7830 and $3.8395, its highest level since May 1.
"It was really the BOJ announcement that spurred the rises today, but this is not going to carry very far. People have seen improved sentiment, they have seen the central banks take action, so the question is: does all this feed into improved activity?" said Credit Suisse metals analyst Ivan Szpakowski. "Real demand is still slow. The big questions are: Will it improve? How much? How fast?" Michael K. Smith, president of T & K Futures and Options Inc in Port St. Lucie, Florida, pegged support at the 200-day moving average, just above $3.60.
Comments
Comments are closed.