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Signs of Economic Growth Bolster Copper

November 9, 2012 at 4:32 by Vladimir Vyun

Copper rose on hopes that economic growth in the United States and China will support demand for the metal. The US trade deficit unexpectedly shrank from $43.8 billion to $41.5 billion in September. Unemployment claims fell from 363,000 to 355,000 last week instead of rising, as was predicted by analysts. Macroeconomic data continues to show that the US economy is improving with stable pace and this factor is positive for industrial metals.

Chinese officials said that economic data should show accelerating growth last month. So far, it did not prove true as today’s report showed that inflation slowed from 1.9 percent to 1.7 percent in October. Yet hopes remain and that is positive for all commodities as a whole, but particularly to copper as China is the biggest consumer of the metal.

Copper advanced from $3.4420 to $3.4743 per pound on COMEX yesterday.

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

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