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Copper 2.8636 - Holds Gains As Equities Rise

Jun 09, 2010 (Dow Jones Commodities News via Comtex) -- 1427 GMT [Dow Jones] -

Comex copper is retaining its overnight gains, helped by a stronger tone in equities, says Scott Meyers, senior trading analyst with the Pioneer Futures division of MF Global in New York. The market gained technical strength it rose above the highs just above $2.80 from the last two days, with July copper peaking at $2.8750. Earlier in the week, the metal hit an eight-month low on global economic worries. "The stock market is holding, and there is a little bottom fishing [in copper]," Meyers says. Meyers puts chart support for July copper around $2.72, the low from Monday. Resistance lies around $2.90. July copper is 7.80 cents higher at $2.8575 a pound. Earlier, analysts linked overnight gains to an apparent leak of Chinese May export data, which were said to be up some 50% from a year ago. (ALS)

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(END) Dow Jones Newswires

06-09-10 1028ET

http://news.tradingcharts.com/futures/6/2/140851926.html