Copper Inventories Drop, Prices Climb

Copper prices were up slightly in London and New York as inventories of the metal reportedly dropped to their lowest level since 2009 and orders to remove copper supplies from warehouses increased to their highest point in four months, Bloomberg reported.

Orders have increased by 12 percent, according to data from the London Metal Exchange. This is the largest jump since June 20.

Today, LME three-month copper prices rose $29.60 to $7,219.50 a tonne, Reuters reported.

On the Comex in New York, copper futures for December delivery gained $0.07 to $3.29 a pound, according to Bloomberg.