Copper prices fall on stagnant home construction

Copper prices are falling after a report showed that home construction is still stagnant.

Copper for March delivery lost 5.8 cents today to settle at $4.37 a pound.

The government says builders started construction on 587,600 homes in 2010. That makes it the second-worst year for home construction since 1959.

The copper decline is being tempered by an announcement that China will purchase $45 billion in U.S. exports, ranging from agriculture to technology.

The news is raising expectations that copper demand will grow.

Copper is used in a variety of products from construction materials to consumer electronics.

The government says builders started construction on 587,600 homes in 2010. That makes it the second worst year for home construction since 1959.

The copper decline is being tempered by an announcement that China will purchase $45 billion in U.S. exports, ranging from agriculture to technology.

The news is raising expectations that copper demand will grow.

Copper is used in a variety of products from construction materials to consumer electronics.