This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Copper Rises From Seven-month Low As Chinese Manufacturing Expands

Copper Rises from Seven-month Low as Chinese Manufacturing Expands

Copper dropped to a seven-month low on Tuesday amid fears that a planned bailout of Cyprus' banks could lead to a run on banks across Europe. Cyprus rejected the terms of the bailout and the fate of its banks remains uncertain, weighing on the euro. But, helped by HSBC data that shows the Chinese manufacturing sector grew modestly in March — and by a three-year high in US home sales — the red metal recovered some of the losses it made earlier in the week.

“It shows that economic activity in China has picked up after the new year holiday and we expect to see improved economic figures in coming months lending support to prices,” Commerzbank analyst Daniel Briesemann told Reuters.

Meanwhile, the International Copper Study Group said Thursday that the refined copper market balance for December shows a production surplus of around 170,000 metric tons (MT).

Also this week, Australia's Bureau of Resources and Energy Economics said in its quarterly resources and energy report that a copper surplus — caused by recently commissioned mines in Indonesia, Peru and Mongolia that will ramp up to full production this year — will result in the average copper price declining 4 percent, to around $7,778 per MT, in 2013. It expects the price to continue dropping to $6,900 per MT in 2016, recovering to $7,100 per MT in 2018.

On the London Metal Exchange, copper for three-month delivery closed down 0.4 percent, at $7,590 per MT. That's down from $7,620 on Wednesday, but higher than Tuesday's seven-month low of $7,486.25 per MT. COMEX copper for May delivery was down 0.2 percent, at $3.44 per pound, in mid-afternoon trade in New York.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,039.49 +60.36 0.36%
S&P 500 1,992.37 +5.86 0.30%
NASDAQ 4,532.1040 +5.6220 0.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs