Copper rose to a two-week high in New York amid signs of a strengthening economic recovery in the U.S., the world’s second-biggest consumer of industrial metals.
The Federal Reserve Bank of Chicago’s national index, a weighted average of 85 economic indicators, climbed to 0.39 in July, topping the 0.2 median forecast of economists in a Bloomberg survey. Data last week showing gains in housing starts and existing-home sales helped mute the impact of a drop in July new-home purchases in government figures released today, said David Meger at Vision Financial Markets.
“The market still believes the ongoing U.S. economic recovery is going to support strong copper demand here,” Meger, director of metals trading at Vision, said in a telephone interview from Chicago.
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