Copper Gains for First Time in Three Sessions

Bloomberg reported today that copper prices saw gains today after lukewarm performances over the last three sessions. Copper futures for July delivery rose 0.7 percent to $3.1435 mid morning on the New York Comex, while copper futures rose 0.7 percent to trade at $6,876 per tonne on the London Metal Exchange, according to the publication.

As quoted in the publication:

The factory measure in China showed a preliminary May reading of 49.7, HSBC Holdings Plc and Markit Economics said today, compared with 48.3 projected in a Bloomberg survey of economists. In the U.S., a Markit manufacturing index increased to 56.2, topping estimates. Sales of previously owned American homes rose in April for the first time in four months, the National Association of Realtors said.

Senior market strategist at RJO Futures in Chicago Tom Power told Bloomberg:

Better housing-market and manufacturing data signal improving demand

Click here to read the full Bloomberg article.