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MF Global: Most Metals Higher, Copper Bounces Back

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MF Global is out with a research report this morning detailing on market metals. In the report, MF Global states that copper has bounced from a two-week low, although remaining weaknesses can be seen in nickel, tin, and lead.

Updating its readers on the morning markets, MF Global writes, "Right now, metals are higher, with energy prices mixed; the WTI crude oil contract is down by about $.20, while we are seeing $.50/barrel gains in Brent. The Euro weakened yesterday, but is back over $1.39 today, as talk of further rate hikes is overriding ongoing sovereign debt concerns now surfacing over Greece and Portugal."

In the report, MF Global notes, "Copper prices may return to record levels this year as demand picks up from copper wire and rod makers, the chairman of China's Tongling Nonferrous told Reuters in an interview."

MF Global further explains that copper is "still very much range-bound for now. Two days of minor LME stock declines seem to be giving the complex a little breathing room to move higher, but short-term, direction will likely be mostly given by the goings-on in the energy markets."

To access the full report from MF Global for free, please click here.

Posted-In: Analyst Color Sector ETFs Specialty ETFs Futures Commodities Global Intraday Update ETFs Best of Benzinga

 

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