Copper Bounces Back on China’s Guidance

Jun. 25, 2013 06:16AM PST

Copper prices climbed up from a three-year low after China’s central bank announced that it would help guide market prices back to more reasonable levels.

Copper prices climbed up from a three-year low after China’s central bank announced that it would help guide market prices back to more reasonable levels. Because the country demands about 40 percent of the world’s copper supply, this announcement had a huge impact on copper prices.

On the London Metal Exchange, copper closed at $6,805 a tonne, a $135 bump from Monday’s record-low prices.

Meanwhile, copper futures for July delivery on the New York Comex saw a similar increase, jumping $0.0485 to $3.07 a pound.

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