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Commodities
Copper Prices Rise Above $3.10
11/20/2009 6:00 PM ET
(RTTNews) -
Copper prices turned higher on Friday as traders showed enthusiasm demand for the industrial metal could improve. The gain erased losses seen in yesterday's session.
December-stamped copper settled at $3.108, up 2.7 cents for the session. Prices reached as high as $3.1295 after earlier touching as low as $3.0515.
There was no major economic news from the U.S. on Friday, leaving traders to look forward to next week's agenda, which includes the GDP report on Tuesday.
Existing home sales data for October is due at 10 a.m. ET on Monday. Sales are expected to rise to $5.65 million, compared to $5.57 million in September.
Around the globe, the Bank of Japan board members unanimously decided to leave the uncollateralized overnight call rate unchanged at 0.1% as expected. Upgrading its assessment, the BoJ said Japan's economy is picking up, although the momentum of self-sustaining recovery in domestic private demand remains weak.
ECB President Jean-Claude Trichet reiterated Friday that it is too early to declare that the global crisis is over and the current non-standard monetary policy measures will have to be progressively phased out.
The dollar climbed to a 16-day high near 1.4800 against the euro before giving back some of its gains. The greenback also advanced versus the sterling.
by RTT Staff Writer
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