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.
<BRACKET>Most Recent Quotes from www.kitco.com</BRACKET>

Copper mining companies were up on a stronger physical copper market with both Southern Copper ( SCCO) and Freeport-McMoRan Copper & Gold ( FCX) up more than 2%.

-- Written by Chao Deng in New York.

>To contact the writer of this article, click here: Chao Deng.

>To follow the writer on Twitter, go to: @chao_deng

>To submit a news tip, send an email to: tips@thestreet.com.

More from Commodities

Can You Trust the Q3 Data From China?

Can You Trust the Q3 Data From China?

Oil Is Stomping the Stock Market - Here's How to Trade It

Oil Is Stomping the Stock Market - Here's How to Trade It

U.S. Steel Workers Set to Get Wage Hikes Amid Tariffs

U.S. Steel Workers Set to Get Wage Hikes Amid Tariffs

Why These Countries Are Dumping U.S. Treasuries and What It Means for the Dollar

Why These Countries Are Dumping U.S. Treasuries and What It Means for the Dollar

Striking Options: Earnings, Gold, &amp; Nasdaq

Striking Options: Earnings, Gold, & Nasdaq