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US Housing Data Boosts Copper & Oil

January 17, 2014 at 15:40 by Vladimir Vyun

Copper and crude oil rose today as positive data from the United States suggested that demand for commodities will increase amid economic recovery. The US housing market was very strong as housing starts were at 1.00 million and building permits were at 0.99 million last month on a seasonally adjusted basis. The US housing sector is strongest since 2008.

Analysts are concerned that crude may yet retreat because of rising supply. Indeed, this year is expected to be negative for oil due to this reason. For now, though, the commodity is recovering.

Futures for delivery of copper in March climbed $0.0160 (0.48 percent) to $3.3585 per pound as of 15:35 GMT on COMEX today. February contract for WTI crude oil advanced $0.14 (0.15 percent) to $94.10 per barrel on NYMEX. March Brent crude rose $0.53 (0.50 percent) to $106.28 per barrel on ICE.

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

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