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Copper Rallies on Good Data from USA, Gold Manages to Follow

March 16, 2012 at 2:39 by Vladimir Vyun

Copper rose on signs of economic recovery in the United States. Gold also managed to rise, but speculators aren’t very bullish on the precious metal after the Federal Reserve refrained from quantitative easing.

Unemployment claims fell from 365,000 to 351,000 last week, more than analysts predicted. Manufacturing in New York and Philadelphia expanded this month more than was expected.

Optimism, caused by the positive data, is good for industrial metals as it promises more demand. As for safer assets, including precious metals, the trading environment isn’t that good, at least until Europe with its problems return to the spotlight.

Copper traded at $3.8860 per pound as of 2:35 GMT today on COMEX after rising from $3.8295 to $3.8940 yesterday. Gold was up from $1,656.0 to #1,663.10 today, following yesterday’s advance.

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

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