Copper Rises in London as U.S. Home Sales Signal Stronger Demand
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Copper gained for a second day in London on speculation that rising home sales signal improving demand in the U.S., the world’s top metals user after China.
Existing home sales last month climbed 2.4 percent from June to a 5.15 million annual pace, the most since September, the National Association of Realtors reported today. The median forecast of 74 economists in a Bloomberg survey called for 5.02 million. Builders are the biggest users of copper and use about 400 pounds in the average home.