NEW YORK (TheStreet) -- Copper futures showed little reaction to news that Greece had passed a vote of confidence ahead of an expected bailout.
According to Adam Grimes, director of technical investments at Waverly Advisors, the trading volume for copper futures is about 80% of average trading volume, a bit lower than expected for a normally light season for commodities.
Copper on the London Metals Exchange was floating around $9,027 per ton, or $4.10 per pound earlier this morning. Yesterday's three-month copper contracts on the LME settled higher at $4.11 per pound upon speculation that the Greek prime minister would receive a vote of confidence.
The euro was weakening against the greenback this morning by 0.1%, having previously priced in the anticipated good news from Greece. The dollar was losing 0.1% compared to a basket of currencies.On the Comex this morning, July copper futures were essentially flat at $4.08 per pound. Copper settled at $4.09 per pound at the end of Tuesday's session. July futures for copper on the Shanghai Metals Exchange finished at $4.76 yesterday. While the copper market looks "quiet and boring" right now, it's during these times that traders are paying attention, said Grimes, who applies quantitative methodology in futures trading and holds a short position in copper. "Copper is sitting on the edge of a cliff. A very small downward movement could trigger further downside. Overall, we're cautious on our position in copper." Further problems plagued copper production in Codelco's Chuquicamata copper mine in Chile, according to Reuters. The company was forced to slash output at its El Teniente mine more than one month ago because of labor protests. On Wednesday, union workers blocked traffic to Chuquicamata, demanding higher wages. The company has not said whether the blockade will danger mining output levels yet. Copper mining stocks were flat to positive, with mining company Southern Copper (SCCO) up 1% at $31.40 and Freeport-McMoRan Copper & Gold (FCX) up 0.4% at $49.43.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV