Copper rallies 2.4% as Japan disaster tagged at about $300 billion
By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) — Gold futures inched higher on Wednesday, vying to close with gains for the sixth consecutive session, as investors remained concerned about developments in the Middle East and North Africa and in Japan.
Gold for April delivery (GCJ11 1,433, +5.00, +0.35%) rose $5.60, or 0.4%, to $1,433.40 an ounce on the Comex division of the New York Mercantile Exchange.
It added less than two dollars on Tuesday, a pattern of small gains that has kept the metal largely rangebound for a week.
“No strong commitments and extremely light volumes in New York and Asian trade are indications that sentiment regarding precious metals has turned neutral,” analysts with Standard Bank in London said in a note to clients Wednesday.
At least six protesters were killed in southern Syria Wednesday, according to news reports. Israel responded to rockets fired from Gaza with airstrikes. Airstrikes in Libya continued, but so continued government-led siege in eastern Libyan towns held by the opposition.
Other metals tracked gold higher, with silver for May delivery (SIK11 3,653, +26.10, +0.72%) up 3 cents, or 0.7%, to $36.56 an ounce.
May copper (HGK11 441.30, +10.00, +2.32%) rallied 11 cents, or 2.4%, to $4.42 a pound. A close around these levels would be copper’s highest since March 4.
Estimates put the cost of Japan’s disaster around $300 billion. Copper has gained on expectation rebuilding Japan will demand more of the metal, used extensively in electrical wiring in construction.
