Copper rises as buyers emerge at seven-month low
NEW YORK (AP) — Copper rose after buyers for the metal emerged after its price fell to a seven-month low.
May copper rose 4.1 cents, or 1.2 percent, to $3.4465 a pound Wednesday. The contract closed at $3.405 a day earlier, its lowest price since Aug. 20.
The price of copper, which has a range of industrial uses, typically tracks the outlook for economic growth.
The prospect of continuing stimulus for the economy from the Federal Reserve also helped push up prices, said George Gero, a vice president at RBC Global Futures. The Fed said Wednesday that it will continue to give the economy extraordinary stimulus to help lower unemployment.
"Copper has gotten to be cheap," Gero said.
In other metals trading, gold for April delivery fell $3.80, or 0.2 percent, to $1,607.50 an ounce. Silver for May delivery dropped 2.6 cents to $28.8170 an ounce.
Palladium for June delivery gained $23, or 3 percent, to $758.20 an ounce and platinum for April delivery gained $27.10, or 1.7 percent, to $1,582.10 an ounce.
Agricultural contracts also finished higher.
Wheat for May delivery rose 14 cents, or 1.9 percent, to $7.36 a bushel. Corn for the same month gained 4 cents, or 0.5 percent, to $7.325 a bushel. May soybeans rose 13 cents, or 0.9 percent, to $14.1975 a bushel.
Oil edged up slightly. Benchmark crude for April delivery gained 80 cents to $92.96 a barrel.
In other energy trading, wholesale gasoline rose 7.12 cents to $3.1163 a gallon. Heating oil rose 2.8 cents to $2.8921 a gallon. Natural gas fell 0.9 cents to $3.96 per 1,000 cubic feet.