July 2 (Bloomberg) -- Tin prices in London rose to a two-week high, pacing gains by most industrial metals, as a report showed U.S. factory orders increased.
Orders placed with U.S. factories rose 2.1 percent in May, the Commerce Department said today. The median forecast of 61 economists in a Bloomberg survey called for a 2 percent increase. General Motors Co. and Ford Motor Co. said new-vehicle deliveries in June topped estimates in the U.S. as the industry selling pace may have accelerated to the fastest in 66 months.
“All the data today shows that that appetite for metals will continue to rise in the U.S.,” Sterling Smith, a Chicago-based commodity futures specialist at Citigroup Inc., said in a telephone interview. “People are beginning to believe in the U.S. growth story.”
Tin for delivery in three months rose 1.3 percent to settle at $20,225 a metric ton at 5:53 p.m. on the London Metal Exchange. Earlier, the price reached $20,300, the highest since June 18.
Aluminum, nickel and zinc advanced on the LME, while lead and copper fell.
Copper for immediate delivery on the LME traded as high as $18 above the three-month contract, the most in a year, signaling tight prompt supplies. Stockpiles monitored by the exchange fell for the sixth straight session.
On the Comex in New York, copper futures for September delivery declined 0.4 percent to $3.143 a pound. Yesterday, the price jumped 3.3 percent, the most in eight weeks, on a report showing U.S. manufacturing rebounded.
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