Copper Up to $6,920 on China Stimulus News

Copper for delivery in three months on the London Metal Exchange was up 0.28 percent or $19.38 to trade at $6,920 per tonne on Wednesday, according to Reuters. Tuesday saw the metal hit a one-week high. Copper prices are still expected to drop as the year comes to a close and China’s economy and copper-buying patterns are also points of concern.

“China buying had a cracking start to the year but has been softer in the past few months … and credit has also tightened a little as a result of the port financing scandal in Qingdao,” UBS Sydney analyst Daniel Morgan told Reuters.

Copper futures for December delivery on New York’s Comex fell 0.9 percent or $0.03 to $3.1385 per pound on low U.S. inflation, according to Bloomberg.