Copper Climbs on US Economic Data

Copper futures climbed slightly on Wednesday according to The Wall Street Journal. Giving the red metal a small boost were signs of improved economic conditions in the U.S.. Copper for September was the most actively traded contract, up 4.5 cents or 1.5 percent to trade at $3.0870 a pound on the Comex in New York.

According to the market news:

U.S. second-quarter gross domestic product grew 1.7%, beating economists’ expectations of a 0.9% increase. This was coupled with better-than-expected data from payroll processor Automatic Data Processing Inc., which said private-sector jobs in the U.S. increased by 200,000 in July. Economists surveyed by Dow Jones Newswires had expected ADP to report a rise of 183,000 jobs.

Dave Meger, director of metals trading at Vision Financial Markets LLC commented:

All of this bodes well for the U.S. economy and for growth going forward.

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