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Saturday, September 13, 2008
COMMENTARY
UPDATE
U.S. copper futures rose in early business on Friday as the
dollar fell following a negative U.S. retail sales result and a decline
in the producer price index, traders said.
Copper for December delivery HGZ8 was up 5.00 cents at $3.1725
a lb on the New York Mercantile Exchange's COMEX division.
* The range extended up to a week high of $3.20 from a low of
$3.1215 an ounce.
* Spot September HGU8 gained 5.15 cents to $3.1860 a lb.
* Copper added to early gains after the dollar declined following
a drop in U.S. August retail sales and a drop in the producer price index - traders.
* U.S. retail sales fell 0.3 percent in August, the biggest drop since
December 2007, and follows a downwardly revised July decline of
0.5 percent. Analysts' consensus forecasts came to a rise of 0.2 percent
for August. Excluding autos, sales dropped 0.7 percent.
The U.S. August producer price index dropped 0.9 percent more
than forecasts for a 0.5 percent decline. In July, the PPI jumped 1.2 percent.
U.S. copper futures rose in early business on Friday as the
dollar fell following a negative U.S. retail sales result and a decline
in the producer price index, traders said.
Copper for December delivery HGZ8 was up 5.00 cents at $3.1725
a lb on the New York Mercantile Exchange's COMEX division.
* The range extended up to a week high of $3.20 from a low of
$3.1215 an ounce.
* Spot September HGU8 gained 5.15 cents to $3.1860 a lb.
* Copper added to early gains after the dollar declined following
a drop in U.S. August retail sales and a drop in the producer price index - traders.
* U.S. retail sales fell 0.3 percent in August, the biggest drop since
December 2007, and follows a downwardly revised July decline of
0.5 percent. Analysts' consensus forecasts came to a rise of 0.2 percent
for August. Excluding autos, sales dropped 0.7 percent.
The U.S. August producer price index dropped 0.9 percent more
than forecasts for a 0.5 percent decline. In July, the PPI jumped 1.2 percent.
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