(Bloomberg) -- Copper rose in New York, erasing
earlier losses, after a report showed sales of previously owned
homes in the U.S. matched economists' forecasts.
Existing-home purchases in May dropped 0.3 percent from
April to an annual rate of 5.99 million, the lowest in almost
four years, the National Association of Realtors said. Copper,
used in pipes and wires, had fallen 16 percent from a record
$4.04 a pound in May 2006 as the housing slump reduced demand by
builders, the biggest users of the metal.
Read more at Bloomberg Commodities News
earlier losses, after a report showed sales of previously owned
homes in the U.S. matched economists' forecasts.
Existing-home purchases in May dropped 0.3 percent from
April to an annual rate of 5.99 million, the lowest in almost
four years, the National Association of Realtors said. Copper,
used in pipes and wires, had fallen 16 percent from a record
$4.04 a pound in May 2006 as the housing slump reduced demand by
builders, the biggest users of the metal.
Read more at Bloomberg Commodities News
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