This Morning in Metals: Copper prices hit 7-year peak; U.S. factories grow, but slower; U.S. construction spending rises

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Metal Prices
Copper price

Windsor/Adobe Stock

On Tuesday, copper prices hit their highest point since 2013, driven by fast-expanding manufacturing activity in Europe and China — as well as by news that viable coronavirus vaccines are coming, Reuters reports.

Benchmark copper on the London Metal Exchange (LME) peaked today at $7,723/mt before lowering to around $7,715.50/mt., said Reuters, which reported that copper has come up since a low of $4,371/mt in March.

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U.S. factories grow but at slower pace

The U.S. manufacturing sector grew in November but at a slower pace than in October, according to the monthly PMI figure from the Institute of Supply Management (ISM).

The purchasing managers index on Tuesday fell to 57.5 in November from 59.3 in October, according to the Associated Press. Numbers above 50 indicate an economic expansion.

U.S. construction spending increases more than expected

U.S. construction spending rose 1.3% in October, according the latest monthly federal figures released Tuesday.

Reuters’ survey of construction managers had expected growth of 0.8%, according to the news agency, which reported that year-on-year construction spending for October increased 3.7%.

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