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Copper up to Above $3.20 After Strong U.S. Home Sales

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.

Bloomberg [1]

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