Posted by
alfredlester on Friday, July 08, 2011 9:00:59 AM
Industrial metal prices are rising as a rally in global stock Markets Hope that bolsters the Economic Recovery Gaining Steam IS.
As the economy grows, demand for industrial So does metals like copper, palladium and platinum. Copper for September delivery rose 7.10 cents to Settle at $ 4,442 a pound. October platinum Gained Settle at $ 9.60 to $ 1.433 ounce and September palladium year rose $ 13.35 to $ 786.55 a year ounce.
Precious metals rallied this year as investors hedged Against Inflation and Economic Growth tepid. Industrial metals have fared well hadn&&9;t. Fell Copper steadily sincere February, sinking from $ 4.63 to $ 4.30 at the start of July.
Now, industrial metals are coming back.
Investors think auto factories Will Be Placing orders for more shares.THEY expect That Japan Will Also Need soon Amounts of raw materials large Rebuilding gains steam as the earthquake and tsunami FOLLOWING disaster in March, Said George Gero, vice president of RBC Global Futures in New York.
"All of That means clustering using more copper, zinc and lead," Gero said. "So far, the market IS Focused on the better (job) numbers ... and recovery in Japan."
Payroll processor Automatic Data Processing Said Thursday That U easy pay day loans.S. companies added 157.000 Employees in June, double the number More than economists forecast HAD. Also, the number of people Applying for Unemployment Benefits Dropped last week to the Lowest level in seven weeks.
Stock indexes Jumped on the news. The Standard & Poor&&9;s 500 index rose 1 percent to 1.353, moving Within 10 points of high STI 2011 Reached on April 29.
Gold for August delivery Gained $ 1.40 to Settle at $ 1530.60 a year ounce.September silver climbed 62 cents to Settle at $ 36,536 a year ounce.
Wheat for September delivery Gained 5.7 cents to Settle at $ 6345 a bushel, December corn rose 7 cents to $ 6,155 a bushel and November soybeans rose 19.25 cents to $ 13.3775 a bushel.
Crude oil for August delivery rose $ 2.02 to Settle at $ 98.67 per barrel on the New York Mercantile Exchange.
In Other Nymex contracts, heating oil rose 13.87 cents to Settle at $ 3,102 per gallon, gasoline rose 12.94 cents to $ 3,127 per gallon and natural gas 0.84 cents Fell to $ 4,138 per 1.000 cubic feet.
Industrial metals rise on recovery Hopes
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Oil little changed, below $ 97 a barrel