Copper Futures Rally to 4 month highs

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CUU own 25% Schaft Creek: proven/probable min. reserves/940.8m tonnes = 0.27% copper, 0.19 g/t gold, 0.018% moly and 1.72 g/t silver containing: 5.6b lbs copper, 5.8m ounces gold, 363.5m lbs moly and 51.7m ounces silver; (Recoverable CuEq 0.46%)

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Copper Futures Rally to 4 month highs

posted on Jan 26, 2012 09:04AM

http://www.forexpros.com/news/commodities-news/copper-futures-rally-to-4-month-high-on-fed-rates-pledge-229574

Jan 26, 2012 10:08AM GMT

Highlights

Copper futures rallied for a fourth day on Thursday, trading at the highest level since mid-September as appetite for riskier assets was boosted by the Federal Reserve’s pledge to keep rates at historically low levels until at least late-2014.

Low interest rates can make holding copper and other commodities more appealing compared with interest-bearing assets.

Central bank may embark on a third round of quantitative easing, sending the U.S. dollar lower against its major counterparts. A weaker dollar can boost dollar-denominated copper and other commodities by making the futures cheaper for buyers using other currencies.

Copper prices have rallied nearly 12% since the beginning of 2012, buoyed by expectations that demand from top consumer China will remain strong and that the global economy was recovering despite the effects of the euro zone’s debt crisis.

Elsewhere on the Comex, gold for February delivery jumped 0.95% to trade at a six-week high of USD1,716.45 a troy ounce, while silver for March delivery gained 1.05% to trade at a two-month high of USD33.47 a troy ounce.