Copper Rises Due To Higher Demand For Durable Goods

Copper had its biggest gain in two weeks yesterday after the Commerce Department said US factories in January received more orders for autos, aircraft and other products containing the metal.
The third rise in durable goods orders in four months reinforced expectations for a US economic rebound that have boosted copper prices 18 percent from a 14-year low in November. The Federal Reserve today predicted that the American economy will grow somewhere between 2.5 percent and 3 percent this year.
?We're extremely busy,? said Jim Wurtsmith, marketing manager at Fort Wayne, Indiana-based OmniSource Corp., which processes scrap copper for automakers, builders and electronics companies. ?It's been a long time since? business has been this good, he said.
Copper for March delivery rose by 1.2 cents, or 1.7 percent, to 71.35 cents a pound on the Comex division of the New York Mercantile Exchange, the biggest one day gain since February 13th. Copper futures, which reached a low of 60.35 cents on November 8th, still were 12 percent lower than at this time last year.


Author: Neftegaz.ru