Copper Rises Slightly in London to $7,383.25 a Tonne

Three-month copper on the London Metal Exchange today rose $1.48, to $7,383.25 a tonne, boosted by hopes of increasing demand for the metal in China, The Economic Times reported. Meanwhile, copper futures for March delivery fell $0.003, to $3.38 a pound, on the COMEX in New York, as per The Wall Street Journal.

Trading was thin today as investors are taking a break between Christmas and the new year. However, a recent report states that China’s economy will likely increase 7.6 percent this year. The US economy is also improving, as indicated by the Federal Reserve’s decision to begin tapering stimulus, and that is helping prices for the red metal.