Copper Rises to Three-Week High on U.S. Economic-Growth Outlook

Copper advanced to a three-week high in New York on speculation that U.S. economic growth will spur demand for industrial metals.

Home prices in the U.S., the world’s second-largest copper user, showed signs of stabilizing in June, according to data released today. The S&P/Case-Shiller index of property values in 20 cities fell 4.5 percent from June 2010, after dropping 4.6 percent in the 12 months ended in May. Copper is used in wiring and plumbing. Consumer spending rose more than forecast in July, showing the biggest part of the economy is holding up.