Copper Near 4-Month High Following Positive U.S., China Data

On the London Metal Exchange, copper for delivery in three months hit a four-month high early in Wednesday’s trading. The red metal rose to $7,098.75 per tonne, coming to rest at $7,078 per tonne later in the day, according to Reuters. U.S. private payrolls gained the most in 18 months in June, giving investors confidence in the country’s economy. China’s factory activity also hit highs in June, as data Monday showed.

“Chinese factory orders data is still very much influencing the copper price today,” chief market analyst at Ava Trade, Naeem Aslam, told Reuters.

Copper futures for September delivery on New York’s Comex rose 0.9 percent or $0.03 to $3.23 per pound, according to Bloomberg.