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Copper Advances in New York Following U.S. Budget Accord - Bloomberg

Industrial metals rallied, leading commodities higher, as a U.S. budget agreement that averted higher taxes and spending cuts brightened the outlook for demand.

The House approved a measure skirting income-tax increases for most households in the country, the world's second-largest metals consumer. President Barack Obama said he would sign the bill into law. Global equities advanced, and lead, aluminum and nickel led gains on the Standard & Poor's GSCI Spot Index of 24 raw materials. Copper rose the most in more than three months.

"This does help growth prospects, because if the tax increases went into play, it definitely would have taken a huge chunk out of gross domestic product," Bill O'Neill, a partner at Logic Advisors in Upper Saddle River, New Jersey, said in a telephone interview. "We're looking for improved demand this year for industrial metals."

Copper futures for delivery in March increased 2.3 percent to settle at $3.736 a pound at 1:22 p.m. on the Comex in New York, the biggest gain since Sept. 14. China is the largest metals consumer.

The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
by dvx (dvx.clt št gmail dotcom) on Wed Jan 2nd, 2013 at 02:13:40 PM EST
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