Friday, October 28, 2011

Comex Copper Continues Furious Rally

Comex copper prices jumped this week in frenzied trading, after grinding to a 15-month low on October 20th. Futures rose for the next five sessions, climbing by 21% as Europe closes in on Greek debt deal.

Copper futures continued to rally  Friday as the rush to risky assets in the wake of the euro-zone debt deal paused as investors scrutinized the details of the plan.

Futures on Thursday capped a frenzied rally that took futures to five-week highs, as investors anticipated progress in the effort by European leaders to shore up the region's battered financial system.

The benchmark contract surged along with other growth-sensitive assets such as stocks and some commodities on Thursday after the news that euro-zone leaders had agreed to an outline of a plan to ease Greece's debt burden, boost the currency union's bailout fund and pump cash into its banking system.

The most actively traded copper contract, for December delivery, recently rallied to $3.7250 a pound on the Comex division of the New York Mercantile Exchange.

Currency markets provided a headwind to copper on Friday, as the euro drifted lower against the U.S. Dollar after touching its highest levels since early September. A stronger dollar can hit dollar-denominated commodities by making them more expensive for buyers using other currencies.

Copper futures plunged in recent months on worries that Europe was sliding toward a credit crunch, as investors were concerned that the financial troubles could shackle the industrial economy. The metal sees widespread use in construction and manufacturing, making it particularly sensitive to the economic outlook.

But after futures grinded to a 15-month low on Oct. 20, some investors began to view the market as undervalued should European leaders succeed in staving off a financial crisis. Futures rose for four of the next five sessions, climbing by 21% as euro-zone officials closed in on a debt deal.

Visit to track copper prices in real time.

Dow Jones Newswires
10/28/2011   2:05 PM

New 20-Story Luxury Tower Coming to Upper West Side

A 20 story, 181 luxury apartment building is being constructed on Broadway at 77th Street. The Larstrand, is being developed by Friedland Properties and Rose Associates

A $125 million loan was funded by the issuance of bonds that were provided by New York State Housing Finance Agency, a state agency that works "to create and preserve high-quality affordable multifamily rental housing" through out the state. 37 of the units at The Larstrand will be designated affordable.

The site is shovel ready, construction is supposed to begin immediately with completion scheduled for 2013.

The building will feature a mix of studio, one, two and three bedroom rental apartments. There will be 40,000 square feet of retail space along Broadway between 77th and 78th Streets.  CVS has agreed to lease a portion of the space.

Peter Coyne