Copper Prices Jump on New Construction Report

Comex copper added to its gains after a stronger-than-forecast report on U.S. housing starts.

Comex copper added to its gains after a stronger-than-forecast report on U.S. housing starts, says Stephen Platt, senior account executive with Archer Financial.

The market has been drawing support on ideas that China’s demand is holding up.

Then Tuesday morning, the Commerce Department reported June housing starts in the U.S. climbed 14.6% to an annualized 629,000 units, well above expectations for around 580,000. “It did respond to the numbers,” Platt says. "That did provide some support.”

As of 7:54 a.m. EDT, Comex September Copper was 7.45 cents higher at $4.48 a pound and has been as high as $4.49.

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Research by Allen Sykora / Kitco News
http://www.kitco.com/.