Copper: Rises on technical momentum

Copper futures settled at a 2-1/2-week high Wednesday, driven by strong technical momentum and a string of better-than-expected economic data that analysts said put the market on track for a retest of its yearly peak. Private employers cut 491,000 jobs in April versus a revised 708,000 lost in March. Lowest level of private-sector job losses since November 2008 - ADP Employer Services.

ADP jobs number follows a string of positive data from the U.S. housing and services sectors. Recent data feeding a feeling of confidence that the economy is in fact bottoming. Copper also supported by supply-side fundamentals after mine workers at Xstrata’s Lomas Bayas copper deposit in northern Chile went on strike Wednesday morning after wage talk mediation failed. London Metal Exchange copper warehouse stocks jumped 7,225 tonnes to 402,150 tonnes on Wednesday -- the first increase since early April.

Courtesy: Emkay Commotrade Ltd.

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