Base Metal Rally Sends Copper To 4-Month Highs

Base metal rally sends Copper to 4-month highs: After nearly 4 months of grueling price consolidation, Copper futures have resumed the bull trend, breaking above a major downtrend, as commodity funds started to shift funds from the energy complex to base metals. In London, Zinc, Lead, Tin, and Aluminum also posted solid gains this morning, giving further support for Copper to move higher. Now that the strike at the Escondida mine in Chile is over, traders are focusing their attention on the soon-to-be-expired labor contract at Codelco, the world's largest producer of Copper. After yesterday sharp run-up, buyers were again eager to jump on the Copper bandwagon, especially after a slightly lower opening washed out weak longs, giving strong hands a chance to buy Copper at lower levels. Read More....