Copper Advances with US Building Permits
Copper climbed today as building permits in the United States rose, suggesting that demand for the industrial metal would grow. Building construction makes up about 40 percent of global demand for the metal, which is used in pipes and wiring. Building permits ticked up from 760,000 in June to 812,000 in July on a seasonally adjusted basis.
The positive data added to signs that US economic growth is gaining momentum. The improving economy should lead to increasing consumption of raw materials. The Standard & Poor’s GSCI Index of 24 commodities jumped 0.9 percent.
Copper was up from $3.3465 to $3.3745 per pound as of 20:52 GMT today on COMEX. Earlier, the metal slipped to $3.3318.
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