Copper surges on hopes that demand will improve
Published: September 14, 2012
The price of copper is pushing higher on a bet that it may be one of the first commodities to benefit if the U.S., Europe and China prove successful in building up their economies.
Copper rose 3.3 percent Friday to finish at $3.8325 per pound.
Authorities in the U.S., Europe and China have taken steps to pump life into their economies. The Federal Reserve announced plans Thursday to buy mortgage bonds and keep short-term interest rates low into 2015.
Copper is used throughout manufacturing, from construction to consumer products. Analysts say it should be one of the first metals to benefit if manufacturing improves as a result of stronger economic growth.
In other trading, prices are higher for gold, oil, wheat and corn. Natural gas and soybeans are lower.
– The Associated Press
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