por admin » Mar Mar 12, 2013 10:54 am
El cobre sube 1.3%
Los futures del cobre subieron considerablemente debido a nuevos compradores e inversionistas buscando cerrar posiciones previamente vendidas.
Basicamente los short sellers salieron a cubrir posiciones de apuestas a la baja.
El cobre esta bajo presion por que la produccion de cobre excedera la demanda este anio.
Copper Climbs 1.3%
By TATYANA SHUMSKY
NEW YORK—Copper futures were sharply higher as new buyers and investors looking to close out previously sold positions sent prices up.
The most actively traded contract, for May delivery, was recently up 4.45 cents, or 1.3%, to trade at $3.5615 a pound on the Comex division of the New York Mercantile Exchange. The contract had touched a high of $3.5760 a pound.
Copper's gains came early in the trading day, as some investors pushed copper prices higher with purchases of bullish long positions. The higher prices then drew investors who held bearish short positions to the market to close out these losing bets by buying bullish long positions.
"I think it's a general short-covering rally and a lack of new selling from the funds," said Bill O'Neill, a principal with Logic Advisors.
Speculators increased their bearish bet on copper futures and options by 128.5%, with bears outnumbering bulls for the second straight week, according to data from the Commodity Futures Trading Commission published Friday.
"The level of short positions was huge," Mr. O'Neill said, adding that copper was so heavily sold by funds that "I think the market has basically sold out."
Copper's rebound comes in the face of bearish data from China, the world's largest consumer of the industrial metal. Chinese domestic output of refined copper rose 10.8% to 483,000 metric tons in February from a year earlier.
Copper prices have been under pressure in recent weeks amid forecasts for supply to exceed demand in 2013 as mine production grows in Chile, Mongolia and Peru. Analysts and investors have also been concerned about rising inventories of the metal in warehouses overseen by the London Metal Exchange and the Shanghai Futures Exchange, two closely watched metals-trading hubs.