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Copper prices rise on housing report

The Associated Press

Copper prices are rising on optimism that the U.S. housing market is poised to grow again.

Hopes for a housing recovery were bolstered Wednesday when the National Association of Home Builders/Wells Fargo builder sentiment index rose to its highest level since June 2007. The index measure optimism among construction companies.

Copper is used as a raw material in the construction industry. Traders expect that demand for copper could grow if new home and office construction gains steam in the United States.

Copper for March delivery gained 2.3 cents to $3.7525 per pound. That leaves copper up more than 3 percent for the week.

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