Copper Rises for the First Time in Six Sessions

Bloomberg reported today that copper prices in London gained today as factory production in the United States beat predictions from economists.

As quoted in the publication:

Copper for delivery in three months rose 0.3 percent to $6,845.50 a metric ton ($3.10 a pound) at 3:39 p.m. on the London Metal Exchange, paring this week’s loss to 2.1 percent. On the Comex in New York, futures for delivery in December gained 0.1 percent to $3.1145 a pound.

Frank Lesh, a trader at FuturePath Trading LLC in Chicago, told Bloomberg:

The strong factory number might promote some buying. You can’t rule out a short-covering rally in the market.

Click here to read the full Bloomberg article.