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Copper Advances amid Signs of Global Growth

January 29, 2013 at 0:37 by Vladimir Vyun

Copper advanced today on hopes that global economic growth will support demand for the industrial metal. US durable goods orders grew as much as 4.6 percent in December, beating the forecast of 1.8 percent. The Federal Reserve will start its two-day policy meeting today and traders hope for an increased stimulus from the central bank. Nonfarm payrolls released later this week are expected to show a stable growth of US employment.

Elsewhere, China’s company earnings climbed for the fourth straight month in December. The Asian country is the biggest consumer of copper in the world and signs of improvements in its economy are bullish for the metal.

All in all, the market remains in a mildly positive mood and that helps copper to retain its strength.

Copper futures for delivery in March advanced $0.0025 (0.07 percent) to $3.6640 per pound as of 00:31 GMT on COMEX today. Contract for delivery of copper in three months climbed $20 (0.25 percent) $8,050 per metric ton on LME.

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