Global Commodities: Copper Rises on Strong Manufacturing Demand
7/27/0 18:19 (New York)
Global Commodities: Copper Rises on Strong Manufacturing Demand
New York, July 27 (Bloomberg) -- The following is a summary
of commodity markets in the U.S. and U.K.
BASE METALS
In NEW YORK, copper rose to a six-month high after a
government report of robust demand in the U.S., the world's top
user.
The Commerce Department reported a 10 percent rise in orders
placed last month for big-ticket items such as airplanes and
refrigerators that use copper wires and pipes. Copper prices are
up 17 percent since mid-April as growing demand sent inventories
to the lowest level in almost two years.
``The market is growing,'' said James Sheridan, director of
residential systems at wire and cable maker Superior TeleCom Inc.
in Atlanta, one of the largest copper consumers in North America.
``There are a lot of (users) out there pushing copper consumption
higher.''
Copper for September delivery rose 1.05 cents, or 1.2
percent, to 87.15 cents a pound on the Comex division of the New
York Mercantile Exchange, the highest closing price for a most-
active contract since Jan. 19.
In LONDON, copper for delivery in three months rose $11 to
$1,880 a metric ton (85.28 cents a pound) on the London Metal
Exchange. |
