Copper Rebounds From 14-Week Low as New-Home Sales Surge
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Copper futures rose from a 14-week low after a government report showed new-home sales jumped to the highest in more than six years in the U.S., the second-largest consumer of the metal.
Home purchases in August surged 18 percent to a 504,000 annualized pace, the strongest since May 2008 and surpassing the highest forecast in a Bloomberg survey of economists, government data showed today. Copper dropped in the previous five sessions, partly on signs that the housing market is sputtering in China, the top user of industrial metals.