Metal, energy prices rise with stocks as manufacturing report lifts investor spirits

Metal, energy prices rise after mfg report

NEW YORK — Prices for metals and energy have closed higher Tuesday after reports on U.S. housing and manufacturing helped spark some optimism about the economy.

U.S. economic data this summer has tended to suggest that the recovery from the recession is slowing as the manufacturing boom levels off. But Tuesday’s data helped support the move higher.

A stronger economy would use more raw materials and fuel in shipping and in factories.

Copper for December delivery is rising 5.8 cents, or 1.8 percent, to settle at $3.3585 a pound, while September palladium gains $11.55, or 2.4 percent, to settle at $497.30 an ounce and October platinum adds $9.30 to $1,546.60 an ounce. December silver is rising 16.7 cents to settle at $18.650 an ounce.