Copper Rises to Two-Week High on Bets Europe Will Stem Crisis

Copper futures rose to a two-week high amid investor optimism that Europe will contain its sovereign debt crisis.

European and U.S. equities rose, and the euro climbed to a three-week high against the dollar and the yen before European Commission President Jose Barroso presents proposals on recapitalizing banks. Germany and France have pledged to draw up a plan by early November.

“We will be moving higher over the very short term, teeing off the better tone in the equity markets and cautious optimism that some sort of comprehensive package will come out of Europe,” Edward Meir, a senior commodity analyst at MF Global Holdings Ltd. in Darien, Connecticut, said in a report.

Copper futures for December delivery gained 3.6 percent to $3.4085 a pound at 10:33 a.m. on the Comex in New York. Earlier, the price reached $3.4115, the highest for a most-active contract since Sept. 28.

Read Full Article from BusinessWeek

- Posted: 2011-10-12 10:48:58

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