Metals closed higher for the second straight day Tuesday on growing optimism about the U.S. economy after an index of consumer confidence jumped in November.
The Conference Board, a private research firm, said that its Consumer Confidence Index rose 15 points to 56. It's the biggest jump since the 59.2 reading in July.
Investors were encouraged by the big jump, because rising consumer confidence could encourage shoppers to spend more and stimulate the U.S. economy.
More spending would increase prices for industrial metals like copper and palladium because they are used as raw materials in manufacturing. The metals are used to make everything from iPads to new automobiles.
Copper for December delivery rose 1.55 cents to close at $3.376 per pound. Copper is now up 3.6 percent since Monday. Platinum for January delivery gained $1.20 to settle at $1,540.70 an ounce. December palladium rose $2.70 to close at $584.25 an ounce.
Precious metals were mixed.
Gold for December delivery gained $2.60 to settle at $1,713.40 per ounce. December silver fell 30.8 cents, or nearly 1 percent, to close at $31.853 an ounce.
In other trading, crop prices rose. Corn for December delivery rose 7 cents to settle at $6.055 per bushel. December soybeans gained 4 cents to close at $11.25 a bushel. March wheat rose 23 cents to finish at $6.16 per bushel.
In energy trading, benchmark crude oil rose $1.58, or 1.6 percent, to end at $99.79 per barrel on the New York Mercantile Exchange.
Heating oil rose 5.09 cents to finish at $3.0336 per gallon. Gasoline futures gained 2.21 cents to close at $2.5398 per gallon and natural gas gained 10.8 cents to close at $3.633 per 1,000 cubic feet.
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