Copper in London rose to a two-week high, heading for the first weekly advance in a month on stronger-than-expected U.S. homes sales and before a speech by Federal Reserve Chair Janet Yellen.
The metal for delivery in three months on the London Metal Exchange climbed as much as 0.8 percent to $7,074 a metric ton, the highest since Aug. 5, and was at $7,072 at 11:07 a.m. in Hong Kong. Copper has gained 2.9 percent this week, set for the biggest rise since July 4.
Existing home sales last month climbed to a 5.15 million annual pace, the highest since September, the National Association of Realtors reported yesterday. The median forecast in a Bloomberg survey called for 5.02 million. Builders are the biggest users of copper. Yellen speaks today to policy makers at a Fed symposium in Jackson Hole, Wyoming, as investors look for clues as to the timing of U.S. interest-rate increases.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015