Euro zone leaders' accord to widen the bailout fund that will isolate the sovereign debt scourge helped push copper futures toward a weekly rally, Bloomberg reports.
The European Financial Stability Facility will hold the equivalent of $1.4 trillion in the common currency of the European Union. Bonds from Greece, the central nation in the ongoing suffering inflicted by the debt scourge, will see losses of 50 percent as a result of the agreements euro zone leaders reached earlier this week in Brussels.
Industrial metal prices "are popping on policy news out of Europe indicating that the banking crisis might be taking a breather," states an email to Bloomberg from chief investment officer Scott Gardner with Verdmont Capital in Panama. "The Chinese have also recently hinted at easing monetary policy, which would be a big boost for the industrial-commodity trade."
China is the globe's top consumer of the reddish metal.
Copper futures closed Thursday's trading session up 5.79 percent, a 20.2 cent lift to $3.692 per pound.
The Washington Post reports the pact euro zone leaders arrived at achieved the first step in rebuilding regional confidence about the economic system.
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