COMMODITIES: Copper Finishes Higher; Boosted by European Auto Data, Freeport Shuttering of Mine

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Copper prices are seeing some upside momentum today, boosted by data that showed auto sales in Europe climbed, while the continued closure of one of the world's largest copper mines is adding more support.

Data released this morning showed that new car registrations in the European Union, a measure of auto sales, rose by 1.7% in April. This is the first increase since September 2011.

Adding more support to copper is the fact that Freeport McMoRan Copper & Gold Inc.'s ( FCX ) Grasberg mine in Indonesia remains shuttered. The company halted operations at the mine to try and rescue 25 workers trapped after a underground tunnel caved in on Tuesday.

Furthermore, support from the market could also be coming from the fact that refined-copper stockpiles monitored by the Shanghai Futures Exchange fell to 190,330 metric tons, the lowest since October, according to data released today.

Copper for July delivery, settled up 0.9%, at $3.3230 a pound on the Comex division of the New York Mercantile Exchange today.



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This article appears in: Investing , Commodities

Referenced Stocks: FCX

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