Copper Prices Rise on Positive GDP Data
Copper futures rose after a report on Wednesday said U.S. gross domestic product gained more than expected in the first quarter.
The data eased fears of an economic recession in the United States as the GDP expanded at a 0.6 percent annual rate, the Commerce Department said compared to a forecast of 0.2 to 0.5 percent made by economists.
Copper futures for July delivery gained 2.35 cent or 0.61 percent to $3.9045 a pound on the New York mercantile Exchange Comex division.
A report that U.S. private-sector employers added 10,000 jobs in April gave a positive view of the economy in the U.S. supporting prices of copper today, according to Reuters quoting a ADP Employer Services report.
Meanwhile, the largest producer of copper in the world Codelco is still in a labor strike and three of its mines are closed today.
The company owned by the Chilean state had an annual production of $1.7 million tonnes in 2007.
Copper futures in the London Metal Exchange fell $106 or 1.21 percent to $8,638 a metric ton on Wednesday.
© Copyright IBTimes 2024. All rights reserved.