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Wilson Scrap Metal Recycling J&G
Wilson, NC, 27892
Tel 252-243 3586
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Raleigh, NC 27610
Goldsboro, NC 27530
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From Wall Street Journal
Copper Prices Edge Higher But End Year Down 7%
–Copper prices inch up after stronger U.S. consumer confidence
–Copper ends 2013 down 7% as China worries linger
By Tatyana Shumsky
NEW YORK–Stronger U.S. economic data gave copper futures a boost Tuesday on the final trading day of 2013, but prices still ended the year down 7% on lingering worries about China.
The most actively traded contract, for March delivery, rose 1.40 cents, or 0.4%, at $3.3965 a pound on the Comex division of the New York Mercantile Exchange.
Copper prices spent the first half of 2013 under pressure, as slowing manufacturing activity in China coupled with increased supply of the metal from the world’s mines turned many investors bearish. China is the world’s largest copper consumer, accounting for about 40% of global demand for the industrial metal.
Futures plumbed their lowest levels in nearly three years in June, when a Chinese credit squeeze left many investors fearing knock-on effects on the construction and manufacturing sectors, which drive copper use.
But futures staged a rebound in recent months, amid a steady stream of upbeat economic data from the U.S., the world’s second-largest copper user.
Moreover, the Federal Reserve’s decision earlier this month to start winding down its stimulus efforts, announced was seen as a sign of faith in the U.S. economic rebound by some investors, said George Gero, a senior vice president with RBC Capital Markets Global Futures.
“Copper investors look at increasing interest rates as a sign of improving economies are going to be using more copper,” Mr. Gero said.
On Tuesday, copper’s gains came after by data from private research group The Conference Board showed U.S. consumer confidence bounced back to 78.1 in December, from a revised 72.0 in November.
Copper’s widespread applications in everyday products like smart phones, cars and air conditioners make its prices sensitive to changes in economic outlook.
Copper trading volumes remained quiet on the final day of the year, with traders in London enjoying a shortened trading day. The Comex floor will be closed in observance of New Year’s Day on Jan. 1.
Copper settlements (ranges include electronic and pit trading):
Jan $3.4415; up 2.10 cents; Range $3.4045-$3.4415
Mar $3.3965; up 1.40 cents; Range $3.3665-$3.4080
Write to Tatyana Shumsky at firstname.lastname@example.org