Copper on the LME hits $6,989 a metric ton

Copper prices climbed for a third day in a row on the London Metal Exchange, copper for three-month delivery was 1.6 percent higher at $7,023.25 a metric ton. Copper on the Comex in New York also increased July 22 to $3.173 a pound – a jump of $0.035, Bloomberg reported.

New York copper was also on the ups, prior to a report on U.S. home sales was released, according to Bloomberg.

A weaker dollar and the announcement from China that the People’s Bank would remove the government-mandated floor on lending rates boosted copper prices today, The Wall Street Journal reported. China is the world’s largest consumer of copper, and the People’s Bank announcement could increase the country’s economic activity as well as demand for the metal.