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Copper Hits One-Week High

Shares of Freeport were rising 2.5% to $58; Southern Copper (SCCO - Get Report) was 1.3% higher at $41.03. Copper miner Taseko Mines (TGB - Get Report) was up 0.8% to $5.99.

Meir said a rate increase coming out the European Central Bank by Thursday could set the markets back, though the move would likely be shrugged off by the markets as easily as the markets did with the recent Chinese fiscal tightening, he said.

Copper fabricator Encore Wire (WIRE - Get Report) was up 0.9% to $26.45, while fabricator Lihua International (LIWA) was down 1.7% to $8.72.


(Published at 9:49 am)

Cotton was popping by the daily exchange limit of 7 cents, or 3.5%, to $2.08 a pound, spurred by expectations of delayed harvests in Australia.

Reports say that cotton gathering in the various cotton growing regions of Australia have been delayed by wet weather.

In March, Australia's Bureau of Meteorology said the cotton-growing regions of Australia may experience more rain than usual in April and May.

"Follow-through buying today on technical considerations in May and July, and a combination of strong technicals, and a developing bullish fundamental story for December," were allowing cotton to rally, said veteran cotton industry analyst Mike Stevens.

Apparel companies were trading in positive territory.

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SYM TRADE IT LAST %CHG
COPX $8.13 -0.12%
JJC $35.31 0.00%
FCX $23.27 -0.51%
SCCO $32.86 0.67%
TGB $0.88 -2.10%

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DOW 17,866.94 -61.26 -0.34%
S&P 500 2,093.67 +4.21 0.20%
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