DJ MARKET TALK: NY Copper Supported On China Spending Package
Copper futures are higher with other commodities on
the Chinese stimulus package, says Bill O'Neill, a principal with LOGIC
Advisors. Copper has been on the decline on concerns of global economic woes.
But the Chinese spending plan "at least for the moment [offers] a change in
sentiment," O'Neill says. However, "I'd be careful chasing this," he says. "The
trend is still to the downside." Some of the enthusiasm is already waning, with
equities and copper off their highs. Comex Dec copper is up 8.5 cents at
$1.7820.(MWH)
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