Copper Sees Weekly Gain on Positive U.S. Housing Data

Bloomberg reported that copper prices rose 0.9 percent today, finishing at $3.223 per pound on the New York Comex, while on the London Metal Exchange, copper for delivery in three months gained 0.9 percent to reach $7,076 per metric ton. The metal gained 3.2 percent overall this week, as data from the U.S. housing market beat estimates.

As quoted in the publication:

Beginning home construction jumped to an eight-month high in July, while sales of existing dwellings climbed to the highest since September, reports showed this week. The Copper Development Association estimates that the average single-family home uses 439 pounds (199 kilograms) of the metal, needed for wires and plumbing.

Graham Leighton, a trader at Marex Spectron Group in New York, told Reuters:

The better-than-expected numbers acted as a catalyst to spur prices higher.

Click here to read the full Bloomberg article.