Copper Prices Increase to $7,256 a Tonne

Base Metals Investing

Copper prices were up October 21 after imports of the metal to China – the world’s largest copper consumer – reached their highest level in 19 months.

Copper prices were up October 21 after imports of the metal to China – the world’s largest copper consumer – reached their highest level in 19 months, Bloomberg reported.

In London, Copper for delivery in three months gained $14.51 to hit $7,256 a tonne. Copper futures for December delivery on the Comex in New York also increased today, reaching $3.31 a pound, up $0.007, according to Bloomberg.

Copper shipments to China gained 32 percent in September to 347,305 tonnes compared to August. The metal also was helped today by expectations the Federal Reserve will push back tapering the stimulus program.

Production of refined copper was also up in September, Reuters reported. Production hit 620,086 tonnes last month – up 21 percent from Sept. 2012.

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