Copper Rises, Snapping Longest Slump Since 1995, as Dollar Drops


images (20)Copper futures rose, snapping the longest slump in 18 years, as the dollar’s decline boosted the investment appeal of commodities.

The greenback fell for the second straight day against a basket of 10 major counterparts as some emerging-market currencies advanced. The Standard & Poor’s GSCI Spot Index of 24 raw materials headed for the biggest gain in a week.

“Most of the selloff was due to declining data coming out of China and the strength of the dollar,” Brian Booth, a senior market strategist at Long Leaf Trading Group in Chicago, said in a telephone interview. “Today’s rally could be because of a weaker dollar. It’s also a technical bounce.”

Copper futures for March delivery rose 0.3 percent to $3.194 a pound at 10:30 a.m. on the Comex in New York. The price dropped in the previous nine sessions, the longest slump since December 1995.

The 14-day relative strength index fell below 30 in the previous two sessions, a signal to some analysts that the commodity is poised for a rebound.

On the London Metal Exchange, copper for delivery in three months increased 0.1 percent to $7,048 a metric ton ($3.20 a pound).

Lead, aluminum and tin gained on the LME, while nickel and zinc declined. 
Source: Bloomberg

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