Copper and palladium prices are rising on hopes that economic growth in the United States is gaining steam.
Copper for March delivery rose 2.1 cents Thursday to $3.4155 per pound. March palladium rose $20.30, or 3.2 percent, to $654.40 an ounce
The metals are used as raw materials to make everything from electronics devices to new housing. Prices rise when investors think economic growth and demand will increase.
Hopes of stronger growth were stoked Thursday when the Department of Labor said the number of people applying for unemployment benefits dropped last week to the lowest level since April 2008. If the U.S. job market improves, it could increase consumer spending and boost growth.
In other trading, crop prices were also higher. January soybeans rose 8.5 cents to $11.6225 per bushel.
