Copper Rises on Chinese Confidence in Eurozone

Reuters reported that copper prices rose for the first time in three days after Wen Jiabao, China’s premier, expressed confidence in the Eurozone and said China is not opposed to purchasing more EU government bonds.

As quoted in the market news:

Three-month copper on the London Metal Exchange rose 0.87 percent to $7,641 per tonne at 1355 GMT, snapping three sessions of losses.

Copper, which is down 13 percent from a year peak hit in February, has been trapped in a range of $7,300-$7,700 during August in low volumes. Open interest fell again to 220,242 lots, a fresh low since December 2006.

Click here to read the full Reuters report.