“Copper rose to a two-week high in New York on signs consumer confidence is strengthening and gains by the euro after German legislators approved a second bailout for Greece.
A gauge of confidence in Germany will reach a 12-month high in March, GfK SE said. The country was the world’s third-biggest copper consumer in 2010, according to researcher CRU. Figures today may show U.S. consumers are more confident, according to a Bloomberg News survey of economists. The euro advanced as much as 0.5 percent against the dollar.
“The metals remain buoyant for now, lifted by a weaker dollar, good economic data and less concern over EU debt now that Greece’s second bailout seems to be making progress,” William Adams, an analyst at Basemetals.com, said in a report. “With the good news flows, there seems little to unnerve the markets, and therefore the steady tone seems set to continue.”
Copper for May delivery climbed 1 percent to $3.928 a pound by 7:45 a.m. on the Comex in New York. Prices reached $3.9345, the highest level since Feb. 10. Copper for three-month delivery rose 1 percent to $8,625 a metric ton on the London Metal Exchange.
Prices also gained as euro-area confidence in the economic outlook improved more than economists forecast. The Conference Board’s gauge of U.S. consumer sentiment, due at 10 a.m. New York time, climbed to 63 this month, the survey showed. Still, another report set for release 90 minutes earlier may show U.S. orders for durable goods fell for the first time in four months….”
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