Copper rose for the seventh consecutive month, driven by investor and speculative demand, further signs of economic recovery, and a weaker dollar. During July, copper averaged $2.3855 on Comex, up 10.21¢, or 4.5% from $2.2834 in June, but was off $1.3739, or 36.5% from $3.7594 last July.
On a year-to-date basis, the average stands at $1.9319, off $1.7489, or 47.5% from $3.6807 during the first seven months of 2008. On a Spot basis, copper closed July at $2.6165, representing a near 50% retracement of the loss that occurred in the second half of 2008. Inventories held in Comex and LME warehouses rose 10,753 MT, or 3.4% during July to 330,948 MT, and are up 182,345 MT, or 123% from 148,603 MT held in warehouse last July.
See below for a chart covering 1988 through July 2009.
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