US copper futures end up on favorable economic data

Tag : Copper Component

NEW YORK, July 25 (Reuters) - U.S. copper futures closed up onFriday after a triple dose of positive economic data liftedinvestor spirits and helped trigger a rebound from Thursday's6-week low.
NOTE: For detailed report, click on [MET/L].
* Copper for September delivery HGU8 settled up 2.80 cents at$3.6050 a lb on the New York Mercantile Exchange's COMEX division.
* The session range spanned from $3.5690 to $3.6130.
* On Thursday, the September contract fell to its lowest pointsince mid-June at $3.5550, as a stronger dollar and global economicgrowth concerns triggered another wave of liquidation.
* Copper up on the back of a U.S. government report showing anunexpected rise in long-lasting manufactured goods. [ID:nN25397903]
* A rebound in U.S. consumer sentiment in July added to the lessgloomy economic outlook, while data from the struggling housingmarket provided further upside buying interest. [ID:nL5173757]
* Copper, a key component in the home construction industry,boosted by data showing sales of newly constructed U.S.single-family homes fell by a less-than-expected 0.6 percent inJune to an annual pace of 530,000 annual pace. [ID:nN24510279]
* "The new homes sales figures came in a little bit better and theyrevised up the prior month, so I think that there is at least somewishful thinking that new home construction may improve goingahead," said Rob Kurzatkowski futures analyst with optionsXpress. Continued...