Eurozone PMI Pushes Copper Prices Up to $7,065.25 in London

As the dollar fell and the euro zone posted gains, copper prices increased July 24. However, weak economic data from China, the world’s largest consumer of copper, has kept prices for the metal from rising even higher, Reuters reported.

On the London Metal Exchange, three-month copper prices hit $7,065.25 a tonne today. This is an increase of $26.25 from the previous session.

The composite Eurozone purchasing managers’ index has risen to 50.4 this month. It hasn’t reached above 50 since January 2012, The Wall Street Journal reported. This also impacted copper prices on the Comex in New York today. Copper futures for September delivery increased $0.015 to $3.213 a pound.