Comex Copper Up In Reaction To Other Markets

Comex copper has a stronger tone as it reacts to moves in other markets. Renewed worries about the financial sector, including market jitters about mortgage giants Fannie Mae and Freddie Mac, have contributed to U.S. dollar weakness, says Shawn Hackett, president of Hackett Financial Advisors. "Precious metals and oil are going up, and it's creating a general concern about an escalating inflation scenario," he says. "Copper is gaining the benefit of that." September copper is up 5.10 cents to $3.7695 a pound. The area up around $4 will provide resistance, Hackett says. "Every time we get up there and try to go through, we fall back," he says. Meanwhile, support lies around $3.50. "Until we break either up or down from either of those two sides, we're basically going back and forth," he adds. "We're in a trading range." (ALS)