COMMODITIES: Copper Closes Near Six-Week High, Home Sales, Mine Closure Lend Support

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Copper settled near a six-week high today, after gaining 1.1% in the session to finish at $3.3805 a pound. Boosting prices was data that showed U.S existing home sales climbed 0.6% in April from a month earlier to their highest level in more than three years. That data; however, was below analysts' expectations of a 1.4% increase.

Adding more support to copper was the report that Freeport McMoRan Copper & Gold's ( FCX ) Grasberg mine in Indonesia remains indefinitely closed after a fatal tunnel collapse. Grasberg is the world's second largest copper mine.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: FCX

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