FX.co ★ Copper review for 18/10/2010

Copper futures closed on the upside on Monday refreshing 27-month high amid the US dollar downtrend during the session. By the end of the deals on COMEX the December contract closed with 0,4% growth or by 1.6% higher at 3.8550 dollar-pound that comes as the highest ark from July 2008, when copper prices reached the maximum at 3.9630 dollar-pound.
Earlier in the session the copper recouped the lost positions when the US dollar turned down. A weak dollar makes the copper cheap for investors using other currencies.
The copper prices are still supported by news that in near time the FRS is to start the second wave of the quantitative easing.
In addition, last time this metal purchases soared, as one investors are waiting for the copper demand upturn amid the economic upsweep, while others are hedging themselves from the currency risks.