Copper Rises on Housing Sector Strength

Copper sold on the London Metal Exchange rose $48.42 to $6,916.50 a tonne today in a reverse of losses from the previous session. Prices rose on the news that U.S. housing increased by 15.7 percent in July, which demonstrates strength in the housing sector.

According to Reuters: “The down season is coming to an end now. Starting from September, there will be some recovery in seasonal demand at the utilisation rate at fabricators.”