NEW YORK — Copper rose for a sixth session Tuesday as a weakening dollar sent investors in search of other assets seen as stable stores of value.
The dollar continued its slide against the euro as economic data suggests that a debt crisis may not be hurting European countries as much as previously thought. Industrial production in the 16 countries that use the euro grew more than forecast in April, easing concerns that mounting deficits could severely hamper economic output.
Strong industrial production around the world also boosts expectations for demand for copper, which is used in manufacturing.
Copper for July delivery rose 1.25 cents, or 0.42 percent, to settle at $3.0045 a pound. It was the first time copper ended above $3 since June 2.
Other industrial metals also rose. Platinum for July delivery rose $14.60 to settle at $1,578 an ounce, while palladium for September delivery rose $12.95 to $475.55 an ounce.
In energy markets, benchmark crude for July delivery rose $1.82 to settle at $76.94 a barrel on the New York Mercantile Exchange.
In other Nymex trading in July contracts, heating oil rose 4.26 cents to settle at $2.0685 a gallon, and gasoline gained 4.51 cents to close at $2.1035 a gallon. Wheat for September delivery remained unchanged at $4.675 a bushel, while corn for July delivery remained unchanged $3.5375 a bushel. July soybeans fell 2 cents to $9.495 a bushel.
August gold rose $9.90 to settle at $1,234.40 an ounce.
