Copper Edges Up On Market Optimism
NEW YORK ( TheStreet) -- Broader market optimism stemming from incremental developments in Greece helped copper and other commodities edge higher Tuesday.
Three-month copper was rising 0.6% to $9,020 per ton on the London Metal Exchange, while July futures were last gaining 4 cents to $4.09 per pound, or $9018.74 per ton, on the Comex in New York.
"We've been trading sideways as financial news has been mixed," said DTN commodities analyst Darin Newsom. "There's a lot of technical price resistance."
Newsom noted that in order to break out of the sideways trend, September and July futures would have to break above $4.15 per pound. "Copper needs signs of economic growth to post a solid rally, but right now we're not seeing that domestically or globally," he added.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts