US copper rebound

29 Oct, 2008

US copper futures ended up for the first time in six sessions on Monday after a surprise increase in US September new home sales suggested a possible bottoming in the gloomy sector. Copper for December delivery settled up 11.85 cents, or 7.03 percent, at $1.8050 a lb on the New York Mercantile Exchange's COMEX division.
Traded range $1.8050 to $1.6265 - the lowest level for a third-month position dating back to September 2005, based on a continuation basis. Copper moved higher after strong data on new single family homes. Data lifts US stocks. COMEX copper stocks added 874 tons to 9,452 short tons as of Friday.

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