Copper Rises in London and New York Amid Positive China Data

Three-month copper prices in London hit their highest level since June 7 today early in the session. The metal climbed to a high of $7,318.50 a tonne Aug. 12 before closing down at $7,251 a tonne, Reuters reported, due to a rise in the dollar and signs that China – the world’s top consumer of metals – was stabilizing.

Last week, China trade data showed an increase in imports for commodities. Imports for refined copper alone have grown 50 percent since April, according to Reuters.

On the Comex in New York, copper prices were also up. Copper futures for September delivery rose $0.60 to $3.31 a pound, The Wall Street Journal reported.