Copper futures advanced for the second time in three days as the economy expanded at a faster pace than forecast in the U.S., the world’s second-biggest consumer of the metal.
Gross domestic product rose at a 2.8 percent annualized rate in the third quarter, government figures showed today. The median forecast of economists surveyed by Bloomberg called for a 2 percent advance. Earlier, copper fell as much as 0.3 percent as the dollar strengthened against the euro after the European Central Bank cut its benchmark interest rate to a record.
“Copper is getting support from the GDP report,” Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said in a telephone interview. “Of all the metals, it’s the one that’s shrugging off the effects” of the cut in Europe, he said.
Copper futures for December delivery rose 0.3 percent to $3.2455 a pound at 9:42 a.m. on the Comex in New York. The metal fell 0.7 percent last month.
Copper stockpiles monitored by the London Metal Exchange fell for the fourth straight session to the lowest since March.
On the LME, copper for delivery in three months rose 0.3 percent to $7,136.50 a metric ton ($3.24 a pound). Aluminum, lead, nickel, tin and zinc fell in London.
To contact the editor responsible for this story: Steve Stroth at email@example.com