Copper Futures rose by 2.48 percent to a two week high today, boosted by hopes that Europe will be able to stop the spread of the debt crisis.
The renewed optimism came after the President of the European Commission Jose Barroso called for the 17 member of the eurozone to have a coordinated approached in recapitalizing Europe’s banks. German Chancellor Angela Merkel and French President Nicolas Sarkozy have both pushed their countries to drawing up a new plan by the beginning of next month.
Copper closed at $3.372 per pound on the Comex in New York.
Gold was also up on optimism that European Officials will be able to stem the regions debt crisis. It is expected that demand from the worlds biggest gold buyer, India, will spike this month as jewelry purchases increase for the Diwali religious festival.
Gold closed at $1,681.60 per ounce, a 1.24 percent increase on the day.
Silver also rose by 2.24 percent before closing at $32.715 per ounce on the Comex in New York.
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