Copper Rebounds From Two-Week Low on U.S. Retail Sales
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Copper futures rebounded from the lowest this month as retail sales rose more than estimated, easing economic concerns fueled by clashes over the budget in the U.S., the world’s second-biggest consumer of the metal.
The Commerce Department said that retail sales in December climbed 0.5 percent, the most in three months and exceeding the 0.2 percent forecast in a Bloomberg survey of economists. Earlier, copper fell to a two-week low after President Barack Obama warned yesterday of economic calamity if Congress fails to increase the nation’s $16.4 trillion borrowing limit.