Copper Rises to $7,080.75 on Improving U.S. Economy

Copper for delivery in three months on the London Metal Exchange rose 0.1 percent or $7.08 to trade at $7,080.75 per tonne, according to Bloomberg Businessweek.

U.S. durable goods demand rose in July, according to the Commerce Department, and American consumer confidence is at a seven-year high. These signs point to a good economic outlook for the U.S., which is the world’s second-largest metals consumer after China. An improvement in the U.S. economy means higher demand for base metals like copper.

On the Comex in New York, Copper futures for delivery in December lost 0.3 percent or $0.01 to trade at $3.226 per pound, Bloomberg Businessweek reported.