Copper gains on interest speculation, construction data
by Elaine Frei
Copper prices were higher Wednesday in New York and London, with gains coming on speculation that interest rates will remain low.
Additionally, a new report from the US Commerce Department said that US housing starts, including both single-family homes and apartments, were up 8.9 percent in November while issuance of new building permits, which indicate upcoming construction activity, were at their highest all year in November.
March copper added 6 cents to $3.21 per pound in New York trade, while three-month copper was up $165.75 to $7,060.75 per tonne on the London Metal Exchange.
Other base metals were also higher in London trade.
Meanwhile, precious metals were also higher.
February gold was up $13.20 to $1,136.20 per troy ounce in New York, while March silver added 24 cents to $17.69 per troy ounce and January platinum was $5.10 higher to $1,457.60 per troy ounce.
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