Copper Rises on Upbeat Data
Copper rose again yesterday, reaching gains of over 6% for the week. Zinc rose too. The Metals Complex moved up on positive May data regarding the following: Durable Goods up 1.8% vs an expected small dip. Demand for non-defense capital goods up 4.8%, machinery demand was up 7.7% and PC’s and related products rose 9.4%.
We saw the dollar begin to rally late in the day yesterday but that rally seems to have fizzled near term today. Commentators are unsure that the rally in the dollar is over, leading some to speculate that pressure on commodities is more downward than up. No major US Economic numbers are due for release today except for weekly jobless claims. We will watch the dollar’s activity and keep you posted.
