RTTNews - Copper prices rallied to their highest level in 2 1/2 weeks on Tuesday. The metal gained as encouraging consumer sentiment improved demand prospects.
July-dated copper climbed to $2.141 per pound, up 4.35 cents on the session. Prices touched as high as $2.175 earlier in the day.
A Conference Board report showed that the consumer confidence index rose to 54.9 in May from an upwardly revised 40.8 in April. Economists had expected the index to edge up to 42.6 from the 39.2 originally reported for the previous month.
In other economic news, the S&P/Case-Shiller Home Price Index revealed a decline of 18.7% for the month of March. A decline of 18.4% was projected by economists, compared to an 18.63% decline last month.
At 10 a.m. ET, traders will watch for new home sales data. Sales are expected to rise to 363,000, compared to 356,000 in March.
In other metal trading, June gold climbed to $953.30 per ounce, down $5.60 for the session. Prices dipped as low as $936.60 in early trading.
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