Copper gains on manufacturing data

Copper has been on the move over the past week and managed to print a fresh six-week high overnight.

Gains in manufacturing and industrial production for the ,country:US|US], China and Germany have really driven demand for the high beta metal. Copper is highly leveraged to economic growth and as a result whenever conditions are looking upbeat, we can expect copper to rally.

The metal is now trading above 33 and could be in for further near-term gains should the current momentum continue. We might even see some caution kick in at these levels as we approach the Fed decision.

With a couple of key readings due out later today, German/European ZEW and US CPI, copper could be in for some volatility.

Australia 200

The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.