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Copper Rallies, Gains in Danger from Rising Supply

March 27, 2013 at 1:04 by Vladimir Vyun

Copper advanced today as positive fundamental data made traders more inclined to buy the metal. US durable goods orders grew more than was predicted by analysts. The S&P/Case-Shiller home price index grew 8.1 percent in January from a year ago, posting the biggest annual increase since June 2006. The market sentiment was favorable to riskier assets, adding to the strength of the industrial metal.

Not all fundamentals were that good for copper as there were concerns that supply may outpace demand. Analysts estimated that surplus of the metal may increase from 230,000 metric tons in 2013 to 640,000 tons in 2014.

May futures for delivery of copper advanced $0.0155 (0.45 percent) to $3.4585 per pound as of 00:35 GMT on COMEX today. Contract for delivery of the metal in three months went up $5 (0.07 percent) to $7.625 per metric ton on LME.

If you have any questions and comments on the commodities today, use the form below to reply.

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