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Monthly Archives: October 2010

VPG attending Investment Recovery Luncheon

VPG will be attending the Investment Recovery Association “IR Lunch & Learn” in the Northeast!

The successful IR Lunch & Learn held earlier this year in Houston is coming to the Philadelphia/Northern New Jersey area November 18th. From noon to 2pm, you'll enjoy a hot buffet lunch plus an appetizing couple hours of investment recovery learning including an opportunity to meet and greet members and guests of the Investment Recovery Association.

The free knowledge-sharing event–minutes from the Philadelphia Airport off I-295 and 4 miles off the New Jersey Turnpike–includes an opportunity for networking with members and guests of the Investment Recovery Association. Speakers on improving surplus asset management practices and an informative Q&A session will complete the afternoon.

Come join us!

LOCATION: The Enterprise Center at BCC, 3331 Route 38, 300 College Circle Mount Laurel, NJ 08054

Copper Rises to 27-Month High on Bets Dollar to Slide on More Fed Stimulus

Copper prices rose to a 27-month high after a larger-than-forecast cut in U.S. jobs spurred speculation that the Federal Reserve will take more steps to bolster the economy, weighing on the dollar.

Employers cut staffing by 95,000 workers in September, Labor Department figures showed today. The median estimate of economists surveyed by Bloomberg News was a 5,000 drop. The dollar fell below 82 yen for the first time since 1995. The Reuters/Jefferies CRB Index of 19 raw materials rose to the highest level in almost two years.

“The market is expecting greater stimulus,” following the jobs report, said Frank McGhee, the head dealer at Integrated Brokerage Services in Chicago. “Copper will lead other metals higher.”

Copper futures for December delivery rose 9.5 cents, or 2.6 percent, to close at $3.7745 a pound at 1:30 p.m. on the Comex in New York. Earlier, the metal reached $3.8015, the highest level for a most-active contract since July 7, 2008.

This week, copper advanced 2.3 percent, the fourth straight gain. The price has climbed 13 percent this year.

Metals will be “better places to park money” than currencies, said Peter Sorrentino, who helps manage $13.3 billion at Huntington Asset Advisors in Cincinnati. Copper may drop 15 percent to 20 percent on “profit-taking” before rising again, he said.

The metal has gained 31 percent since July 1 as the dollar slumped and inventories dropped.

A rebound in U.S. and European demand will cause a global copper deficit to widen, said Marcelo Awad, the chief executive officer of London-based metal producer Antofagasta Plc. Demand will exceed supply by 300,000 metric tons in 2010 and 400,000 to 450,000 tons in 2011, Awad said today in an interview in Santiago.

Copper for delivery in three months rose $210, or 2.6 percent, to $8,310 a ton ($3.77 a pound) on the London Metal Exchange.

From Bloomberg- Yi Tian and Anna Stablum

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