Copper prices30 Jul 2014 16:41
Copper Rises as U.S. Economy Rebounds More Than Forecast
By Luzi Ann Javier July 30, 2014
Copper advanced in London, snapping three sessions of losses, as a rebounding U.S. economy signaled stronger demand in the world’s second-largest user of the metal.
Gross domestic product rose at a 4 percent annualized rate last quarter after shrinking 2.1 percent from January through March, government figures showed today. The median forecast of economists surveyed by Bloomberg called for a 3 percent advance. Consumer spending, the biggest part of the economy, rose 2.5 percent, reflecting the largest gain in purchases of durable goods such as automobiles in almost five years.
“Copper could get a boost on that type of news,” Phil Streible, a senior market strategist at RJO Futures in Chicago, said in a telephone interview. “Improving economic conditions should boost demand for all base metals.”
http://www.businessweek.com/news/2014-07-30/copper-to-zinc-drop-as-advances-are-seen-as-excessive