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04-May2011

Copper Bounce Back On Strong US Factory Orders Data

Though there was a slump in other commodities like gold and silver, Copper bounced from a seven-week low to end higher on Tuesday. The red metal got the support of surprisingly strong US factory orders data that underscored recovery optimism in Western economies, even as Chinese growth slowed.

Copper futures for July delivery firmed up 5.70 cents, or 1.3 percent, to settle at $4.2530 per lb on the Comex metals division of the New York Mercantile Exchange. London Metal Exchange copper for three-month delivery ended up $30 at $9,350 a tonne.

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