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.www.goldennifty.com
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