I just picked up a quick 4000 shares at .30. Looks like it was done as a 3200 buy at .30, then another 800, also at .30. That's around the average price that I have been paying over the past 6 months or so. That's all I'm buying. Like a Macy's sale. I hope Bob Meister was right in what he said yesterday. I don't want to be left holding the bag.
Copper futures bucked the downward trend for commodities, however. The July contract rose 6 cents, or 1.5%, to finish at $4.10 a pound. On the week, copper futures were flat.
Copper took advantage of durable-goods data earlier Friday.
The demand for primary-metals goods, a category within durable goods, was quite strong year over year, said Richard Hastings, macro strategist at Global Hunter Securities.
The Commerce Department said Friday that durable-goods orders rose 1.9% in May, recovering from a steep decline in April. Read more about durable-goods data. “We could be seeing the beginnings of the Japan reconstruction effect, which could be beneficial to copper demand, not only in Japan but in its satellite of factories outside of Japan,” Hastings added.
The dollar gained against the euro amid worries about Greece’s ability to rein in its debt. A stronger dollar tends to weigh on commodities priced in the U.S. currency.
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