Exchange.
News that Egyptian President Hosni Mubarak will step down, delegating power to Egypt's army, came on the 18th day of protests in Cairo. It sparked celebrations by thousands of protesters that have been calling for the end of the regime.
"Stability is always positive for the market," said Larry Young, president of Covenant Trading LLC.
Copper pared earlier losses as U.S. stocks hit a fresh 2 1/2-year intraday high after Mubarak stepped down from power. The metal often tracks with equities as a proxy on the wider economy. It is widely used in manufacturing and construction, making it particularly sensitive to the global growth outlook.
Copper hit a record intraday high of $4.6375 earlier on Monday, with the recent pick up in prices coming as investors have regained confidence in economic-growth sensitive assets. Expectations of strong demand from key metals consumer China, as well as recovering developed nations, and a growing shortage of supply helped the metal.
"Copper is probably in lockstep with the stock market," said Scott Meyers, senior trading analyst with the Pioneer Futures division of MF Global.
Inventories of copper stored in London Metal Exchange warehouses fell 225 metric tons Friday, leaving them at 396,725. Data released Friday by the Shanghai Futures Exchange showed a weekly rise 9,899 of metric tons to 144,197. The most recent Comex inventory data, released late Thursday afternoon, were up 270 short tons at 76,291 short tons.
Copper settlements (ranges include electronic and pit trading):
Mar $4.5360; down 0.75 cent; Range $4.4810-$4.5795
May $4.5470; down 0.65 cent; Range $4.4915-$4.5880
By Matt Whittaker, Dow Jones Newswires; 212-416-2139;
matt.whittaker@dowjones.com
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