Copper hits one-month high
The IMF upgraded global growth estimates yesterday and copper is doing the same thing today. The metal with a PhD in economics ripped higher from July to early September then retraced nearly 9% to $290/lb.
However, it's got its legs back in the past week or so and touched a one-month high of $305/lb today.
China is the big story at the moment with the once-every-five-years National People's Congress set to start Oct 18. There, officials will announce measures to stimulate demand and curb excesses, which could be good or bad for copper, depending on the details.
Technically, the drop in copper looks like a standard 38.2% retracement and now it looks towards the September highs. That's a good sign for global growth and a good sign for copper.
