22nd August 2014
Copper futures have advanced to a two-week high in commodities trading markets today (August 22nd), boosted by stronger-than-anticipated US home sales figures.
Transactions involving existing residential properties increased to an annual pace of 5.15 million last month, according to a report from the country's National Association of Realtors. This is the strongest result since September and beat expectations for a smaller rise to 5.02 million.
Later today, Federal Reserve chair Janet Yellen will address policymakers in Wyoming, with investors closely monitoring the speech for clues as to when the bank will lift its interest rates.
Demand for copper was also boosted after it was revealed manufacturing activity in China expanded for a third consecutive month in August. The Asian nation is the world's largest consumer of the industrial metal, closely followed by the US.
On the London Metal Exchange, copper for delivery in three months added one per cent to $7,083 per metric tonne - its highest since August 5th.
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