Bloomberg News

KGHM Jumps to Two-Week High as Copper Rises on U.S. Homes Data

February 26, 2012

Feb. 24 (Bloomberg) -- KGHM Polska Miedz SA, the copper producer with the biggest European mine output, jumped to a two- week high as the metal advanced before a report that may show US new homes sales rose to a nine-month high.

The stock, the best-performing company in the WIG20 Index this year, climbed as much as 3.3 percent to 143.1 zloty, the highest since Feb. 9. KGHM traded 3.25 percent higher at 143 zloty at 1:21 p.m. in Warsaw.

Purchases of new homes probably climbed 2.6 percent to a 315,000 annual pace, according to the median estimate in a Bloomberg News survey of 77 economists before a report due at 3 p.m. today.

Construction accounts for about 40 percent of demand for the metal, according to the Copper Development Association. The U.S is the second biggest metal buyer after China.

--Editors: Ash Kumar, Alex Nicholson

To contact the reporter on this story: Piotr Bujnicki in Warsaw pbujnicki@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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