China Growth Bumps Up Copper Prices
Bloomberg reported that copper prices got a well-needed boost on Friday after stronger economic growth out of China perked up the outlook for red metal demand.
Bloomberg reported that copper prices got a well-needed boost on Friday after stronger economic growth out of China perked up the outlook for red metal demand.
According to the publication:
Copper futures for December delivery added 0.3 percent to $3.307 a pound at 10:28 a.m. on the Comex in New York. A close at that level would leave prices up 1.2 percent this week.
On the LME, copper for delivery in three months rose 0.4 percent to $7,257.25 a ton.
David Meger, the director of metal trading at Vision Financial Markets in Chicago, told Bloomberg:
China growth numbers are very supportive. The Fed maintaining the pace of the stimulus is also helping copper.