Falling Copper Stockpiles Give Red Metal a Boost

Copper prices for delivery in three months have increased to their highest prices in a year relative to three-month contracts. The red metal climbed $69.76 to reach $6,976 a metric ton on the London Metal Exchange (LME) on July 3 as a result of stockpiles falling for a sixth day on the LME, according to Bloomberg.

Similarly, on the Comex in New York, copper futures for September delivery rose $0.02 to $3.16 a pound as investors were concerned about the supply as well as the possibility of U.S. economic data results, which would result in the U.S. Federal Reserve curbing its stimulus package.