Copper Rallies to $2.90 as Oil Rebounds

Copper prices rose from a four-year low as rebounds in crude oil and precious metals paced a rally in raw materials.

On the Comex in New York, copper futures for March delivery jumped 1.8 percent to settle at $2.898 a pound at 1:17 p.m., the biggest gain for a most-active contract since Sept. 16 Earlier, the price tumbled as much as 2.4 percent to $2.7775, the lowest since June 9, 2010. That left 60-day historical volatility at the highest since October 2013.

Oil prices rose on speculation that a slump to a five-year low was overdone. Gold and silver futures posted the biggest gains since September 2013, while the dollar dropped against a basket of 10 currencies. Copper climbed as a government report showed that manufacturing in November expanded faster than analysts expected in the U.S., the world’s second-biggest consumer.

Bloomberg

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