COPPER (Cu) PRODUCERS

[NYBob]

CCH - DJ Comex Copper Review: Follows Trend; Hits High

NEW YORK (Dow Jones)--Comex copper moved in line with a
recent trend after hitting a new contract high then
settling lower on the day Friday at the New
York Mercantile Exchange.

Most-active May contract bounced to a new $2.4120 per
pound high after a weak open but dropped later in
the session after profit-taking moved in ahead of
the weekend.
The contract later settled 35 points lower at
$2.3945 per pound.

Larry Young, a senior trader at Infinity Brokerage,
said most market players were awaiting May copper's
break to the a new high.

"We were looking for a new high so we could see a
continuation of the trend higher continue,"
said Young.

He added that the rally in the precious metals
complex may have indirectly added support to copper
but he added that little market-moving news was seen
throughout the session.

U.S. economic data did little to support copper on
Friday after new home sales took the sharpest fall
in nearly nine years during February; the fourth
decline in six months.

February new home sales dropped a sharp 10.5% to
1.08 million from expectations for 2.4% decline to
1.204 million.

Home sales for January also slid 5.3% to a
seasonally adjusted annual rate of
1.207 million; originally, January sales were
seen at 1.233 million.

http://quotes.ino.com/chart/history.gif?s=NYMEX_HG.J06&t=l&w=15&a=50&v=dmax

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