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Copper Gains to 12-Week High in New York as Dollar Weakens, Equities Climb
Copper rose to a 12-week high on speculation that the global economy will be resilient and metal demand will improve.
The European Commission said today that confidence in the region’s economic outlook rose in July to the highest level in more than two years. The number of Americans filing first-time jobless claims fell last week, government data showed. Copper has gained 12 percent this month.
“We’re heavily invested in the base metals as a play on the economic recovery,” said Christian Wagner, who helps oversee $150 million as chief investment officer of Longview Capital Management in Wilmington, Delaware.
Copper futures for September delivery gained 4.45 cents, or 1.4 percent, to $3.29 a pound at 1:16 p.m. on the Comex in New York. Earlier, the price reached $3.297, the highest level for a most-active contract since May 4.
The dollar dropped as much as 0.8 percent against a basket of six currencies, boosting the appeal of commodities as alternative assets.
“The markets are ready for a rally and are looking for reasons,” said Eugen Weinberg, an analyst at Commerzbank AG in Frankfurt.
Copper for delivery in three months rose 0.8 percent to $7,230 a metric ton ($3.28 a pound) on the London Metal Exchange.
Aluminum, tin, nickel, lead and zinc also gained.
To contact the reporters on the story: Anna Stablum in London at astablum@bloomberg.net; Millie Munshi in New York at mmunshi@bloomberg.net.
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