Copper, industrial metals hold gains despite Bernanke’s caution on recovery
By APWednesday, July 21, 2010
Copper, industrial metals hold gains
NEW YORK — A drop in copper stocks in London is suggesting there is strong demand for the metal, sending prices of copper and other industrial metals higher despite Federal Reserve Chairman Ben Bernanke’s caution about the economic recovery.
Copper for September delivery rose 9.15 cents, or 3 percent, to settle at $3.0930 a pound, its highest level since June 29.
Copper stocks at the London Metals Exchange had dropped overnight, said Adam Klopfenstein, senior market strategist at Lind-Waldock. They have been sliding for months.
Klopfenstein says it was unclear if copper prices would be able to stay above $3 a pound past this week as the strength of the economic recovery remains uncertain.
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