Copper Heads Towards 4-month High

Reuters reported that copper rebounded on Friday to its highest price in nearly four months. Three factors assisted in giving the red metal a boost, including the possibility of weak US jobs data increasing chances of the Fed announcing a round of QE3; China approving $157 billion worth of infrastructure spending and the ECB’s announcement of a potentially unlimited bond buying plan.

As quoted in the news release:

Three-month copper on the London Metal Exchange ended at $7,990 a tonne, from a last bid of $7,700 on Thursday, having earlier hit the psychologically important $8,000 a tonne, its highest since mid-May.

Click here to read the full Reuters report.