A short-lived rally took copper up early Friday morning, but the metal closed unchanged, leaving the copper-holding exchange traded funds (ETFs) slightly lower. The PowerShares DB Base Metals (DBB), which tracks other metals along with copper, slipped 0.6%. Sales of existing homes surprisingly rose, and Simon Constable of TheStreet.com reports the U.S. housing market has been a key demand area for copper. But new markets for the metal are popping up, such as in manufacturing of window air conditioner units needed in China. It’s the metal of choice for cooling equipment.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.