Copper Swings Between Gains and Declines on Comex in New York

Futures for May delivery down 0.3% to $3.5555/lb at 10:21 a.m.

  • Prices down as much as 0.6% today, and up as much as 1%
  • Stockpiles tracked by the London Metal Exchange rose for a fifth month
  • Inventories tracked by Shanghai Futures Exchange up 49% since the end of June
  • NOTE: U.S. 4Q GDP revised to up 0.1% vs est. up 0.5%, Commerce Department report showed
  • NOTE: The MNI Chicago Report business barometer showed business activity in the U.S. unexpectedly accelerated in Feb
  • “The market is getting mixed messages right now,” Harry Denny, a broker at Hoboken, New Jersey-based PVM Futures Inc., said in a telephone interview. “Chinese stockpiles are up, so they don’t need to buy right now, and the market tapered off after the U.S. GDP report.”

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