C.D Hopkins Metals Division: Copper hits four-week high among European progress

Oct. 26, 2011 - PRLog -- LOS ANGELES – With European leaders inching closer to a solid plan to tackle the euro-zone debt crisis, base metal copper reached a four-week high on Oct. 26.

Investors have worried for months that Europe’s financial struggles would cut demand for precious metals – but precious metals are up for the most part, according to C.D Hopkins Metals Division, a precious metal retailer located in Los Angeles.

Copper reached a price of $7,736.74 per tonne on Oct. 26 – the highest price in about four weeks – according to Market Watch.

Copper gained after German lawmakers approved an expanded solution for the euro zone’s bailout fund. This raised hopes that European Union leaders would make progress in easing the credit crisis at its upcoming summit.

The euro surged to a six-week high against the U.S. dollar after news of copper’s increase, according to Market Watch.

“Copper, while not a precious metal, is largely linked to developments in the euro zone because a worsening debt crisis in Europe will affect industrial markets,” said Chadwick Hopkins, president of C.D Hopkins Metals Division. “Copper is sensitive to the growth outlook because of its widespread use in construction and electronics.”

Hopkins said copper prices have remained generally high over the past year, supported by the view that copper supply would fall short of rising global demand.

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About C.D Hopkins Metals Division

C.D Hopkins Metals Division is a leading precious metals dealer and financing institution located in Los Angeles, Calif., specializing in gold, silver, platinum and palladium. With a C.D Hopkins Metals Division account, you can purchase precious metals for immediate personal delivery or arrange for convenient storage at an independent bank or depository. C.D Hopkins offers options for financing and selling your precious metals and expert account representatives to fulfill your investing needs. To find out how to open an account, visit http://www.cdhopkinsmetals.com/.