Summary Box: Industrial metals rise

AP News
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Posted: Jul 07, 2011 4:16 PM
Summary Box: Industrial metals rise

PRECIOUS METALS: Industrial metal prices are rising as a rally in global stock markets bolsters hope that the economic recovery is gaining steam. As the economy grows, so does demand for industrial metals like copper, palladium and platinum.

HOPEFUL OUTLOOK: U.S. stock indexes rose more than 1 percent Thursday on better news about jobs. Payroll processor ADP reported that companies added 157,000 employees in June, far more than analysts were expecting.

ENERGY UP: Expectations of higher demand also drove up energy prices. Crude oil for August delivery rose $2.02 to settle at $98.67 per barrel.