Copper Bounces Back on U.S. Housing Data

Copper futures for December delivery on the Comex in New York added 0.5 percent to $3.05 a pound on Wednesday, according to Bloomberg. Trading for the metal was fed by optimism over Commerce Department data showing new home sales in the U.S. surged in August to their highest level in six years. Bloomberg said trading was 24 percent above average over the last 100 days.

The U.S. data has “rescued copper for the moment,” Bill O’Neill, a partner at Logic Advisors in Upper Saddle River, New Jersey, said to Bloomberg in a telephone interview.

Three-month copper on the London Metal Exchange rose 0.2 percent to $6,735.75 a tonne.