Copper: New April Highs Likely On U.S. Momentum, Technicals

SourceInvesting.com
SectorOil & Gas
CountryMiddle east

Has powered off the blocks for April, heading for what could be a new 2021 high, helped by a resurgent US economy, President Joseph Biden’s $2 trillion infrastructure plan and robust technical charts.After a March drop of nearly 3%, New York-traded copper futures are back in rally mode, recovering all they lost last month. While April itself has seen only four trading sessions, the underlying support for the metal from a variety of data and events has been unmistakable.The latest was the US for March, published by the Institute for Supply Management on Monday. The index surged to 63.7, beating economists’ target of 59. It was the best service sector performance since 1997, indicating the strength of the US economic recovery from the coronavirus pandemic.All In Copper’s Favor: Economy, Jobs, Vaccines The ISM data came on the heels of the stellar US for March released Friday, which showed 916,000 jobs being created against economists’ expectations for just 660,000.That aside, President Biden hopes to have his infrastructure development plan passed before the summer to lay the foundation for thousands of new jobs under his 'American Jobs Plan'—which comes after a separate COVID-19 relief for $1.9 trillion approved by Congress last ...read more...