Summary Box: Industrial metal prices jump

AP News
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Posted: Oct 21, 2011 5:14 PM
Summary Box: Industrial metal prices jump

METALS JUMP: The price of copper for December delivery jumped 16.55, or 5.4 percent, to settle at $3.223 a pound. December palladium rose $33.85, or nearly 6 percent, to $618.25 an ounce.

HOPES FOR EUROPE: Traders are hoping European leaders will make progress on a sweeping financial rescue plan when they hold summit meetings on Sunday and again next Wednesday. Traders have worried that if Europe doesn't contain its debt crisis, global economic growth could slow down and hurt demand for basic materials like industrial metals.

OIL RISES: Oil prices jumped Benchmark rose $1.33 to end at $87.40 per barrel on the New York Mercantile Exchange.