Copper Nears 3-Month High at $6,968 per Tonne

Copper for delivery in three months on the London Metal Exchange rose 0.5 percent or $34.84 to trade at $6,968 per tonne, according to Reuters. The beginnings of a recovery in China’s manufacturing sector suggests higher demand for the metal to come.

“The demand picture is still a step down from last year, but compared to Q1 I think it’s a pretty obvious improvement,” Sijin Cheng, analyst at Barclays in Singapore, told Reuters. “Given the market does feel tight on the physical side, I think that a further pick up in numbers on the macro side will fuel sentiment.”

Copper for July delivery on New York’s Comex rose 0.05 percent or $0.002 to trade at $3.179 a pound, according to Investing.com.