Unexpectedly stronger economic data about the housing industry of the globe's largest economy propelled the price of copper futures on Wednesday, Reuters reports.
But advances for the reddish metal were tempered by concerns about the economic slowdown in China, whose economy trails only that of the U.S. for size in the world. Worries about what will be accomplished by attendees of an economic summit in Brussels also reduced gains to the reddish metal on Wednesday.
"The U.S. economy is showing good signs of stabilization," partner Gianclaudio Torlizzi with metals consultancy T-Commodity told the news source. "There's big expectations about what China could do, but the market is now turning more to European developments. China is slowing but it's also because of the European situation."
At 3:17 p.m. on Wednesday, copper futures advanced 1.3 percent, a 0.048 cent gain to $3.748 per pound.
Bloomberg reports copper futures benefited from the new-house construction economic data in the U.S. pushing to its highest rate in more than four years. The U.S. trails China as the globe's top two consumers of the industrial metal.
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