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Copper climbs on hope for more economic stimulus
Copper prices rose yesterday on renewed hope that governments will take action to promote global economic growth. Copper rose 5.15 cents to end at US$3.4405 per pound. Other industrial metals and oil prices also rose. China is scheduled to release economic reports later this week. Traders are expecting the country’s leaders to step in again with additional measures to aid the economy if the statistics prove weak.
They also are anticipating some type of action from the European Central Bank and the Federal Reserve. Neither central bank took immediate steps to promote economic growth earlier this month. But ECB policymakers are working on a detailed plan to help the region’s economy. And the Federal Reserve has pledged additional help as needed to promote economic growth.
“The markets are still waiting for further news,” Dave Meger, vice president of metals trading at Vision Financial Markets, said. Many investors consider copper to be a reliable barometer for how healthy the global economy is because it has so many uses, from construction to manufacturing. Demand tends to increase when those industries are stronger. Copper and other industrial metals also were supported by gains in US stocks.
Silver for September delivery rose 22.3 cents to end at US$28.086 per ounce, October platinum gained US$8.50 to US$1,410.40 per ounce and September palladium ended up US$8.65 at US$588.20 per ounce. December gold fell US$3.40 to finish at US$1,612.80 per ounce. Soybeans for November delivery fell 18.5 cents to end at US$15.6575 per bushel, December corn dropped 4.5 cents to US$8.005 per bushel and December wheat ended down 3.5 cents at US$9.0275 per bushel.
In other trading on the New York Mercantile Exchange:
• Wholesale gasoline rose 6.91 cents to finish at US$2.9913 per gallon.
• Heating oil rose 5.71 cents to end at US$2.9980 per gallon.
• Natural gas rose 5.6 cents to finish at US$2.9640 per 1,000 cubic feet.
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