Economics
Copper Has Longest Rally in Six Months on U.S. Economy
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Copper prices posted the longest rally in six months on signs of economic gains in the U.S., the world’s second-biggest metal user. Zinc rose to a 16-month high.
Yesterday, reports showed fewer Americans filed applications for unemployment benefits, consumer confidence rose and manufacturing picked up. The dollar was poised for the second straight weekly drop against a basket of 10 major currencies, boosting the appeal of raw materials. Combined copper stockpiles monitored by exchanges in London, Shanghai and New York extended a drop to the lowest since October 2008.