The base metal also benefited from losses endured by the U.S. dollar, which fell to its two-week low against the shared currency of the European Union. Also benefiting the reddish metal is an increased air of optimism about political leaders in the U.S. being able to negotiate their way through the daunting circumstances of the fiscal cliff, which threatens to pull the world's largest economy back into a recession.
"There's a bit more optimism surrounding the fiscal cliff (and) there's been some relief from what looks like a smooth power transition in China. That said, there are still many macro-economic risks," analyst Gayle Berry with Barclays told the news source. "Some numbers are beginning to turn in China but its going to be a gradual improvement."
At 2:44 p.m. on Monday, copper futures gained 2.24 percent, a 0.0775-cent gain to $3.539 per pound.
The Wall Street Journal reports existing home sales increased 2.1 percent in October from the month prior and nearly 11 percent higher as compared to the same period one year earlier.
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