Copper Rises on China Inventory Drop, U.S. Sentiment Data
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Copper futures rose for the second straight day after inventories dropped to a seven-month low in China, the world’s biggest consumer of industrial metal, while U.S. consumer confidence rose to the highest since 2007.
Stockpiles of refined copper monitored by the Shanghai Futures Exchange fell to 190,330 metric tons, the lowest since October, data showed today. The Thomson Reuters/University of Michigan sentiment index rose to 83.7 in May, compared with 76.4 in April and the 77.9 median forecast in a Bloomberg survey of economists. The Standard & Poor’s 500 Index of equities climbed to a record.