Copper steadied on Tuesday as investors weighed the positive impact of a cut in China's bank reserve requirements against signs of disappointing Chinese demand in what should be a strong quarter.
Low metal inventories are bringing high prices.
The Bloomberg Commodity Index advanced 0.7%, as West Texas Intermediate for March delivery climbed to $50.25 a barrel in New York. Brent rose 4.1% to $56.90 a barrel.
Copper futures climb for a second straight day after U.S. service industries expanded more quickly than forecast.
Tin exports from Indonesia slumped to the lowest level in at least eight years in 2014 after the world’s largest supplier tightened rules on exports.
Copper futures rose on speculation that consumption will increase amid economic gains in the U.S., the world’s second-biggest consumer of the metal.
Tin entered a bear market amid concern demand for the metal that’s used in electronics will slow amid ample supply.
Copper rose for the first time in three days on expectations of more growth in the labor market of the U.S., the second-largest metals consumer.
As we approach Thanksgiving in the States, Streetwise Reports reached out for perspective on the natural resource market during this volatile time.
Copper futures fell the most since mid-October after the European Commission cut growth forecasts for the euro area, damping the demand outlook for industrial metals.