Copper Prices Rise to $7,360 a Tonne Thanks to Positive Economic Outlooks

Copper prices were up August 26 thanks to expectations of an increase in demand from China, which recently posted positive economic data.

Copper futures on the London Metal Exchange increased $40.48 to $7,360 a tonne, Reuters reported.

In New York, copper futures hit $3.3675 a pound – a rise of $.019 from the previous session, according to The Wall Street Journal.

China accounts for about 40 percent of the global copper demand.

“Market conditions appear to be taking a turn for the better,” analysts with National Australia Bank said, according to The WSJ. “…The Chinese economy is showing signs of stabilizing, the U.S. economy continues to improve, and even Europe managed to drag itself out of recession.”