Copper Rises to Two-Week High on Speculation Europe Will Stem Debt Crisis

Bloomberg reported that Copper futures surged to a two-week high after investor optimism over Europe’s enough to contain its sovereign debt crisis.

As quoted in the market news:

European and U.S. equities rose, and the euro climbed to a three-week high against the dollar and the yen as European Commission President Jose Barroso called for a “coordinated approach” to recapitalize the region’s banks. Germany and France have pledged to draw up a plan by early November.

“We will be moving higher over the very short term, teeing off the better tone in the equity markets and cautious optimism that some sort of comprehensive package will come out of Europe,” Edward Meir, a senior commodity analyst at MF Global Holdings Ltd. in Darien, Connecticut, said in a report.

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