Copper Above $3.20 as Stockpiles Fall

Copper in Shanghai swung between gains and losses near the highest in almost four weeks after stockpiles fell the most since May and before housing data in the U.S., the second-biggest consumer of industrial metals.

Futures for October delivery on the Shanghai Futures Exchange were down 0.2 at 50,670 yuan ($8,232) a metric ton at 9:47 a.m. local time. They closed at 50,760 yuan on Aug. 22, the highest since July 29. The metal rose 3.8 percent last week, the first gain in four weeks. The London Metal Exchange is closed today for Summer Bank Holiday.

Stockpiles tracked by the Shanghai exchange fell 11 percent last week. In the U.S, the Commerce Department will probably say today new home sales climbed 5.7 percent last month to a 429,000 annualized pace after sliding in June, according to a Bloomberg News survey. Last week, reports showed U.S housing starts jumped and existing home sales beat estimates. Central bankers led by Federal Reserve Chair Janet Yellen said labor markets must improve before economies can weather higher interest rates.

Bloomberg

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