Base Metals: Copper Drifts Higher;Traders Eye Crude Oil

The Wall Street Journal reports that copper prices climbed higher on thin trading volumes Monday, as market participants weighed the effect of higher oil prices and simmering unrest in the Middle East.

The news item is quoted as saying:

“We’re not seeing volume anywhere, so it seems like people are wanting to sit back and fully evaluate what’s going on in the Middle East,” said Bill O’Neill, a principal with LOGIC Advisors.

The month-long upheaval in the Middle East has made for volatile commodity prices as the oil-producing region struggled with political unrest. Violent clashes between anti-government protestors and security forces in Libya had interrupted crude oil exports from the key producer last week, causing oil prices to rally.

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