Copper headed for a weekly gain in New York due to speculation that demand for the commodity will increase as the U.S. economy rebounds, Bloomberg News reports. America is currently the world's second-biggest consumer of the metal.
According to the news outlet, a report that was issued today showed that U.S. factory output rose. Retail sales in America also climbed to the most in five months, and manufacturing strengthened in both the New York and Philadelphia regions. Increased concern that copper supplies may fail to meet demand has boosted the price of the metal.
"The news coming out of the U.S. is positive," Jaspar Crawley, a broker at Triland Metals Ltd. in London, told Bloomberg by phone. "Traders expect a little bit more consumption out of the U.S. Better economic numbers are definitely having an impact."
Dow Jones Newswires reports that the most actively traded contract, for May delivery, recently rose 3.7 cents, or 0.9 percent, to $3.935 a pound on the Comex Exchange in New York.