Copper in London Rises, But Only Slightly

Copper prices in London were up slightly October 15, with benchmark three-month copper rising $0.50 to $7,260 a tonne, Reuters reported.

Signs of progress from U.S. debt ceiling negotiations came today, yet the news failed to boost copper prices more, the source said.

“This is because investors remain rightfully wary about… supply given the surpluses that are being projected for both this year and next,” said INTL FC Stone analyst Ed Meir.

Copper prices will likely remain lower until the U.S. government strikes a deal on the country’s debt problem, Reuters reported.

On the Comex in New York, copper prices were down $0.75 to $3.29 a pound, The Wall Street Journal reported.