Wednesday saw copper futures hovering as investors and traders kept an eye on the embattled shared currency of the European Union and the debt scourge that is ravaging it, according to Dow Jones Newswires.
Trailing only China, Europe's consumption of copper is being closely eyed since an economic slowdown or recession in the region would mean demand for the industrial metal would slow. The industrial metal also is sensitive to the performance of the shared currency since purchases of the metal tend to be more expensive for investors in Europe if the euro loses value.
"The European debt markets are exhibiting signs of stability for a second day running, leading to yet another steady tone in the [metal] markets," states a client note from metals analyst Edward Meir with INTL FCStone, according to the news service.
At 2:30 p.m. on Wednesday, copper futures climbed 0.52 percent, a 1.75-cent climb to $3.3870 per pound.
Bloomberg reports copper futures also gained on Tuesday after economic data indicated November saw an uptick in housing starts in the U.S., host of the globe's largest economic system. Through Tuesday, the price of metal futures thus far this year has slumped 24 percent.
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