Futures Market News
Copper futures benefit from climbing building permits in the U.S.
Aug 16, 2012 02:46 PM
Building permits' increase last month to the highest in 48 months helped drive copper futures to their highest value in one week of trading, according to Bloomberg.
The U.S. Commerce Department said that permits rose to an annual pace of 812,000 last month, notching their top number since August 2008. The reddish metal responds to economic data due to its numerous uses in construction, manufacturing and other industry.
"Any time you see a positive report on housing, that's bullish for copper," senior market strategist Adam Klopfenstein with Archer Financial Services Inc. in Chicago told the news source. "Signs of stability and traction in the housing market will lend support to copper, and we're seeing broader strength in commodities and equities."
At 2:12 p.m. on Thursday, copper futures rose 0.91 percent, a 0.0305 cent lift to $3.3915 per pound.
Reuters reports the reddish metal's strong performance early during Thursday's trading session was correlated with a surprising increase in unemployment claims in the U.S.
Copper futures have lost roughly 2.9 percent of their value thus far this quarter as concerns spread about the deepening sovereign debt crisis, according to Bloomberg.
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