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Copper Up as US New Home Sales Reach Two-Year Record

December 27, 2012 at 23:48 by Vladimir Vyun

Copper rallied today as US new home sales reached the highest level in more than two years, suggesting that demand for the metal used in construction may increase. US new home sales rose from 361,000 in October to 377,000 in November. The reading was below the forecast of 382,000, but it was still was the strongest since April 2010. The United States is the second biggest consumer of copper in the word. The first biggest user is China and demand there may also grow as the manufacturing sector expands.

Gains were limited as fears of the US fiscal cliff still haunt markets. President Barack Obama and the Congress prepare for a final attempt to reach a deal that may help to avoid a financial crisis. The US economy will face $600 billions of spending cuts and tax increases if the talks are unsuccessful.

Copper futures for delivery in March advanced $0.0015 (0.04 percent) to $3.6025 per pound as of 23:44 GMT on COMEX today.

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