Copper soars to highest price.
Copper slipped today as the dollar rose against the euro.
Copper on the London Metal Exchange was trading at $9,482 a tonne compared with $9,540 yesterday. The popular metal soared to a highest of $9,754 a tonne on Tuesday.
The rate its going, its just going to keep getting more and more expensive to buy.
“Good macro data are supporting metals, We are pretty bullish across the board for all metals. We expect copper will touch the 10,000 level during this quarter,” said David Wilson, Societe Generale analyst.
“The market is grappling with implications for U.S. monetary policy given economic data has been quite strong, exceeding expectations,” said Daniel Brebner, analyst at Deutsche Bank.
“The question is does the (U.S. Federal Reserve) start to move away from quantitative easing? If it does, that perhaps means less upside from commodities.”
