Summary Box: Copper jumps on European hopes

AP News
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Posted: Oct 26, 2011 3:53 PM
Summary Box: Copper jumps on European hopes

COPPER UP: Copper for December delivery gained 6.95 cents Wednesday, or 2 percent, to settle at $3.49 a pound. The rally puts copper up nearly 9 percent for the week.

ECONOMIC HOPES: Copper gains value when the economy grows and demand for raw materials increases at manufacturers. Traders were hopeful that European officials will soon unveil a broad financial rescue plan to shore up banks and indebted nations there.

OIL FALLS: Benchmark oil fell $2.97, or 3 percent, to $90.20 per barrel on the New York Mercantile Exchange.