Copper Hits Three-week High at $1,333.25 MT in London

Copper prices on the London Metal Exchange rose to $1,333.25 a metric ton the morning of May 8, an increase of nearly $12, or 0.9 percent, from the previous day, Bloomberg reported. Reuters said the prices mark a three-week high for copper and come as a result of China, the world’s largest metals consumer, showing signs of increased demand for the commodity.

“It’s not surprising to see an uptick in prices after the recent sharp falls, especially given the encouraging data,” said Ross Strachan, an economist at Capital Economics, according to Reuters.

Copper for July delivery also increased 0.8 percent, hitting $3.33295 a pound on the COMEX in New York.