May 27 (Bloomberg) -- Copper climbed in New York after reports last week indicated economic growth in the U.S. and Germany is picking up and the world’s second-largest copper mine remained closed following an accident.
German business confidence as tracked by the Ifo institute rose in May, a sign growth in Europe’s largest economy is gathering pace, while U.S. orders for durable goods increased in April. Freeport-McMoRan Copper & Gold Inc.’s Grasberg mine was halted after a tunnel collapse killed 28 workers earlier this month.
“Prices may seek support from positive data from the U.S. and Germany,” Kotak Commodity Services Ltd. of Mumbai wrote in a note today. “Also lending support to prices is supply disruption due to closure of Freeport’s Grasberg mine.”
Copper for July delivery advanced 0.2 percent to $3.3015 a pound in electronic trading at 5 p.m. in New York. The London Metal Exchange was closed today for a public holiday.
Indonesia said today it will decide soon whether to allow operations to resume at Grasberg, with the decision depending on the outcome of a work-safety review.
China’s President Xi Jinping said last week the country won’t sacrifice the environment to ensure short-term growth, while Premier Li Keqiang said growth in the first quarter was “within reasonable range.”
Net-short positions, or wagers on falling Comex prices, held by funds fell to 9,033 futures and options as of May 21 from 13,115 a week earlier, according to the U.S. Commodity Futures Trading Commission.
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