Copper Gets a Booster Shot with U.S. Data

Copper prices increased on Tuesday, boosted by housing and consumer confidence data. LME copper climbed 0.8 to $7,360 per tonne.  Copper touched a session peak of $7,379 per tonne.

By the end of the month, the red metal is expected to make a more than 3 percent gain.

“We expect copper to continue moving around current levels as dips will attract consumer buying so the downside should be pretty limited,” Societe Generale analyst Robin Bhar told Reuters. “But the upside is also limited as caution over growth out of China will prompt some selling at higher prices. Comments from Chinese officials have also been accentuating expectations of slower growth.”

Copper for July delivery increased $0.3 to $3.304 a pound on the Comex in new York, Bloomberg reported.

Trading on the LME and the Comex was closed May 27 for national holidays, the source said.