May 25, 2010
Copper for July delivery gained 8.65 cents (2.8 percent) to close at $3.1475 in New York on May 24.
This was the result of speculators buying back in, believing the 20 percent drop over the past few weeks was overdone.
It isn’t the only commodity to be experiencing an increase.
On Friday, May 21, zinc for delivery in three months gained $43 (2.3 percent) to close at $1,890 per metric ton (86.2 cents per pound).
The surge transferred to some agricultural products as well.
Ccorn for July delivery rose 6.5 cents (1.8 percent) to close at US$3.685 a bushel in Chicago on Friday. This came after a government report showed that China stepped up purchases from the US.
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