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Reuters Review (12-27)
LME Market: Christmas Market COMEX Copper: General Foreign News reported on December 27 that the senior copper of the New York Mercantile Exchange (COMEX) closed higher on the 27th, benefiting from weaker US dollar and London copper's closing on the 24th. On the 27th, COMEX3 monthly copper rose 1.70 cents to close at 1.4395 US dollars per pound with a trading range of 1.4220-1.4400 US dollars. Traders said that the LME traded for 24 days on the 24th, while COMEX closed for a day. Following the rise of London’s copper, New York’s copper prices closed higher this trading day. New York copper opened at $1.4220 per pound on the 27th. Tom Boustead, metals analyst at Refco, said that a weaker dollar is the main driver of copper prices. In addition, light trading also promoted the rise in copper prices. As of COMEX's close, the euro was at 1.3635 against the US dollar, higher than 1.3515 on the 23rd. A weaker dollar makes New York copper cheaper than non-U.S. investors. It is expected that the market will remain light from Christmas to New Year. The London Metal Exchange (LME) closed for one day on the 27th. It is expected that the support level for COMEX3 monthly copper will be the 27-day low at 1.4220 and the resistance at 1.4450. The LME 24 copper inventories fell by 875 metric tons to 50,250 metric tons. The COMEX 23 copper inventories rose by 826 short tons to 46,040 short tons. Source: China International Futures Brokerage Co., Ltd.