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Industrial Metals Climb on Europe’s Data, Remain in Danger

December 4, 2012 at 17:58 by Vladimir Vyun

Copper climbed today amid good news from Europe. Other industrial metals, including aluminum, also advanced. The metals are still in danger from the threat of the fiscal cliff in the United States that saps demand for riskier commodities.

The eurozone Producer Price Index rose a little by 0.1 percent in October from the preceding month, while analysts have forecast no change. Spanish unemployment grew by 74,300 in November, less that the predicted 90,000. Optimism about the Greek debt buy-back program also supported the positive market sentiment.

Raw materials remain under pressure as talks to avoid the US fiscal cliff stalled. House Republicans rejected President Barack Obama’s proposal and made their own counter-proposal, which was also rejected. The discussion will continue today.

March contract for delivery of copper advanced $0.0045 (0.12 percent) to $3.6630 per pound as of 17:51 GMT on COMEX today. The metal was up 0.13 percent to $8,005.00 per metric ton on LME. Futures for delivery of aluminum in three months rose as much as $26.00 (1.24 percent) to $2,120.00 per ton.

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