Copper on the London Metal Exchange for delivery in three months rose 0.1 percent or $6.94 to $6,935 per tonne.
Copper for delivery in three months rose 0.1 percent or $6.94 to $6,935 per tonne on the London Metal Exchange, Bloomberg reported. The metal hit eleven week highs on investor beliefs that China’s government will take action to improve the economy in that country. China is the world’s largest consumer of the red metal.
“Things are beginning to look up in China, and people expect the stimulus measures will boost demand for copper and other industrial metals,” Bart Melek, head of commodity strategy at TD Securities, told Bloomberg. “Today’s data out of the U.S. is encouraging.”
Copper on New York’s Comex rose 0.4 percent or $0.13 to trade at $3.179 per pound.