Copper Reaches One-Month High of $7,190 a Tonne

Copper prices rose for the fourth consecutive day, reaching a one-month high due to strong demand from China – the world’s top consumer of the industrial metal.

“The markets are beginning to wake up to the fact that Chinese demand has been improving,” Barclays analyst Gayle Berry said, according to Reuters. “It has been improving since the second quarter, and the pace of consumption has continued to pick up.”

Three-month copper prices on the London Metal Exchange increased $28.76 to $7,190 a tonne, Reuters reported. That is the highest price seen since Nov. 11.

On the Comex in New York, copper futures for March delivery gained $0.02 to $3.28 a pound, The Wall Street Journal reported.