Copper Rises to $7,060 a Tonne on U.S. Factory Orders

Three-month copper on the London Metal Exchange rose $19 to a price of $7,060 per tonne, according to Reuters. This rebound from two-month lows seen Tuesday was due to a tight inventory of the metal on the physical market on the short term. Inventories tracked by the LME slipped to 311,225 tonnes, representing a 13-month low. The price of copper was also helped along by positive U.S. factory orders data that came in overnight. Outside of the transportation sector, orders for U.S. factory goods rose for a third month in December 2013.

Copper for March delivery on New York’s Comex rose 0.4 percent or $0.013 to a price of $3.2045 per pound on Wednesday as well, according to Bloomberg.