Copper futures were gaining in value on Tuesday in the U.S. as Election Day ensued in the globe's second largest consumer of the reddish metal, according to Bloomberg.
Voters in the U.S. are casting ballots on Tuesday to either re-elect President Barack Obama or tap former Massachusetts Governor Mitt Romney as commander in chief while also voting on the majority of races for congressional seats in the nation hosting the globe's largest economy. Economic data might indicate increased stability in the U.S. and China.
"For today, the market is probably focused on the U.S.," states an email to Bloomberg penned by commodities research head Nic Brown with Natixis SA in London. "Not just the presidential election, but also the composition of Congress."
At 8:06 a.m. on Tuesday, copper futures gained 0.29 percent, a 0.01 cent lift to $3.48 per pound.
Reuters reports the industrial metal lifted from its lowest prices in eight weeks on Tuesday, which it sank to on Monday. But those gains on Tuesday were minimized by questions about what U.S. election results will mean.
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