Copper recovers after U.S. GDP report

Copper recovers after U.S. GDP report

24 December 2014, 09:02
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Copper and industrial metals recovered after data showed the economy of the U.S., the second-biggest consumer of the metal, grew at the fastest pace since 2003 last quarter.

Copper rose as much as 0.4 percent after dropping for two days.

Gross domestic product grew at a 5 percent annual rate from July through September, up from a previously estimated 3.9 percent, according to the revised figures from the Commerce Department yesterday. The median forecast of 75 economists surveyed by Bloomberg projected a 4.3 percent increase.

“The robust consumer and business spending in the U.S. is a further indication that the recovery in the world’s largest economy is under way,” said Zhang Lei, an analyst at Hongyuan Futures Co.

Copper for delivery in three months on the London Metal Exchange rose 0.4 percent to $6,352 a metric ton by 9:57 a.m. in Shanghai. In New York, futures for March delivery advanced 0.1 percent to $2.8680 a pound, while in Shanghai, metal for the same month fell 0.1 percent to 45,590 yuan ($7,320) a ton.

Aluminum, lead, nickel, tin and zinc climbed on the London Metal Exchange.

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