Copper prices rose 0.4 percent or $28.62 to reach $7,155 per tonne on Wednesday, according to Reuters. Prices drew close to a five-month high as a tight supply and improving global economic conditions made for favorable trading. China’s monetary easing efforts have also contributed to copper’s increasing price. Recent data from the country showed consumer inflation that was slightly under expectations for June, which also supports the notion that more stimulus measures may be forthcoming.
“CPI lower than expected indicates support for the story of stimulus,” said Jonathan Barratt, chief executive of commodity research firm Barratt’s Bulletin. “[Premier Li] has got room and money to move. And I think that’s been the core that over the last couple of weeks that has seen metals prices higher.”
Copper for September delivery on New York’s Comex rose 0.25 percent or $0.008 to trade at $3.265 per pound, according to Investing.com.
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