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| Commodity News |
| HeadLine : |
Copper Rises as U.S. Economy Rebounds More Than Forecast |
| Date : |
Jul 31 2014 |
Copper advanced in London, snapping three sessions of losses, as a rebounding U.S. economy signaled stronger demand in the world’s second-largest user of the metal.
Gross domestic product rose at a 4 percent annualized rate last quarter after shrinking 2.1 percent from January through March, government figures showed today.
The median forecast of economists surveyed by Bloomberg called for a 3 percent advance. Consumer spending, the biggest part of the economy, rose 2.5 percent, reflecting the largest gain in purchases of durable goods such as automobiles in almost five years.
Copper could get a boost on that type of news.Improving economic conditions should boost demand for all base metals.
Copper for delivery in three months gained 0.6 percent to settle at $7,125 a metric ton ($3.23 a pound) at 5:53 p.m. on the London Metal Exchange. On the Comex in New York, futures for delivery in September advanced 0.7 percent to $3.2415 a pound.
Scrap-metal buyers are “becoming very aggressive and willing to spend more to get used materials to sell to refineries” amid rising demand in construction during the summer.
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China is the biggest copper consumer.
Aluminum, nickel and zinc climbed in London, while lead and tin fell.
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