COPPER CLIMBS CLOSE TO 1% ON ROBUST US ECONOMIC REPORTS
Date: 20/3/2012
Copper prices climbed close to a percent in first trading session of a fresh week as concerns over demand from the top consumer of the metal, China got offset by encouraging economic reports from the world’s largest economy US, indicating higher demand for the industrial metal. Apart from the better than expected Chicago area manufacturing numbers along with upbeat nationwide home builder sentiment, the weakness in American greenback against a basket of currencies too boosted the appetite for the dollar denominated red metal for holders of other currencies.
Copper futures for May delivery climbed 3.10 cents or 0.8% to close at $3.9090 per lb, after trading as high as $3.9195 and as low as $3.8580 per lb, on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the London Metal Exchange advanced $60 to settle at $8,570 a tonne.
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