http://www.thestreet.com/story/10876881/1/base-metals-up-copper-hits-26-month-high.html
Base Metals Up; Copper Hits 26-Month High
Base metals were trading higher Friday, buoyed by the better-than-expected manufacturing data from China and positive Asian equity markets.
Base metals are likely to rise throughout the day on the expectation of a stronger euro, but a mixed bag of economic data releases may soften the metals. The Michigan Consumer Sentiment Index for September, to be released Friday, is forecast at 67, marginally above the 66.6 reading for August. The ISM Manufacturing and ISM Prices paid indices for September are seen at 54.5 and 59, respectively. Construction spending for August is projected at a negative 0.4% vs. a negative 1% in July. Copper Copper for three-month delivery gained 0.8% to trade at $8,078 per metric tonne on the London Metal Exchange, surging to 26-month highs on upbeat China manufacturing data which foreshadows a rise in demand. Copper inventories narrowed 950 tonnes to 374,150 tonnes.The red metal finds support at $7,969 and resistance at $8,081.
It’s over $1,320 as I type this ... but that’s good according to the liberal press because it means the economy is growing again.