On Friday, commodities were already trending higher ahead of today’s jobs report in the U.S. as most actively traded SHFE copper for September delivery settled 2.1% higher today in Shanghai. Base metal prices firmed across the board in London this morning as well, including higher LME official 3-mo. asking prices for copper ($7,151/mt = $3.24/lb.) and aluminum ($1,861.50/mt = 84.4 cents/lb.). The better than expected jobs report from the Labor Department (see details below) only added fuel to the rally. In New York, COMEX Jul copper surged 20 cents higher in early afternoon trading to $3.307/lb. while NYMEX crude oil futures reportedly traded as high as $96.04/bbl. On Wall Street, the Dow Industrials briefly broke through the 15,000 mark for the first time before closing nearly 1% higher today at 14,973.96…
© Copyright 2018 All Right Reserved. Davis Trading
Comments are closed.