BS: Copper Climbs for Second Day Before U.S. Housing Report
Copper in New York rose for a second day before housing data in the U.S., the second-biggest consumer of industrial metals.
The Commerce Department will probably say new home sales climbed 5.7 percent last month to a 429,000 annualized pace after sliding in June, according to a Bloomberg News survey before the report at 10 a.m. in Washington. Last week, reports showed U.S housing starts jumped and existing home sales beat economist forecasts.
“Investors are waiting for today’s U.S. housing data,” said Hiroyuki Kikukawa, the general manager of research at Nihon Unicom Inc. in Tokyo.
VIDEO: Prudential Profit Climbs 7% on Strong U.S. Sales
Copper for December delivery on the Comex rose 0.1 percent to $3.227 a pound at 7:26 a.m. in New York after jumping 0.9 percent on Aug. 22. Trading was delayed as CME Group Inc., the world’s largest futures market, suspended the start of almost all of its Globex electronic-trading markets because of a technical issue. The London Metal Exchange is closed today for a public holiday.
To contact the reporter on this story: Jae Hur in Tokyo at jhur1@bloomberg.net
To contact the editors responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.net Jarrett Banks, Sungwoo Park