Copper Sees Weekly Gain on Positive U.S. Housing Data

Bloomberg reported that copper prices rose 0.9 percent today, finishing at $3.223 per pound on the New York Comex, while on the London Metal Exchange, copper for delivery in three months gained 0.9 percent to reach $7,076 per metric ton. The metal gained 3.2 percent overall this week, as data from the U.S. housing market beat estimates.

As quoted in the publication:

Beginning home construction jumped to an eight-month high in July, while sales of existing dwellings climbed to the highest since September, reports showed this week. The Copper Development Association estimates that the average single-family home uses 439 pounds (199 kilograms) of the metal, needed for wires and plumbing.

Graham Leighton, a trader at Marex Spectron Group in New York, told Reuters:

The better-than-expected numbers acted as a catalyst to spur prices higher.

Click here to read the full Bloomberg article.

Get the Latest Copper Investing Stock Information

Get the latest information about companies associated with Copper Investing delivered directly to your inbox.

Copper - Mine Development
Copper - Prospecting and Exploration

By selecting company or companies above, you are giving consent to receive email from those companies. And remember you can unsubscribe at any time.


Get Our Expert Guide to Copper Investing FREE!

Download this FREE Special Report, From LME Copper to Copper ETFs: Understanding Today’s Copper Price for Investing in Copper.

Leave a Reply