US Market Updates
11/25/2009 5:58 PM ET
(RTTNews) -
Copper rallied to a new 14-month high on Wednesday, boosted by a weaker dollar and an encouraging housing report.
March-stamped copper rose to $3.197 per pound, up 5.35 cents on the session. Prices reached as high as $3.2135.
The dollar fell plunged as low as 1.5143 versus the euro, the buck's lowest level in almost 16 months. The greenback reached an eight-month low versus the yen and lingered near a weekly low against the sterling.
A Commerce Department report showed that new home sales rose 6.2 percent to an annual rate of 430,000 in October from the revised September rate of 405,000. Economists had expected sales to edge up to 404,000 from the 402,000 originally reported for the previous month.
In other economic news, the Labor Department revealed that initial jobless claims dropped 35,000 last week to a level of 466,000. This was the first reading below 500,000 this early January.
by RTT Staff Writer
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