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Increasing Global Demand for Copper

April 26, 2010 at 22:37 by Vladimir Vyun

Copper rose today after Giorgos Papakonstantinou, the Minister for Finance of Greece, said that Greece will be provided with an aid package from the European Union and the International Monetary Fund rather soon, easing concerns for EU economy. This announcement has brought some relief to markets, though it hasn’t completely removed doubts about future of the Euro zone.

An expanding global economic recovery coupled with a rising demand from China sparked optimism for a worldwide increase of a copper usage. A gross domestic product in China expected to grow about 8 percent, while an inflation rate predicted to be 3 percent in 2010. Sales of new houses in the U.S. have jumped 27 percent in March, adding to a copper demand in the world’s second biggest consumer of the metal. LME-tracked copper inventories dropped 0.2 percent to 506,125 tons.

Delivery for copper in three months advanced $45 (0.6 percent) to $7,795 per metric ton today on the London Metal Exchange. July futures for copper delivery added $0.0175 (0.5 percent) to $3.548 per pound on NYMEX.

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

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