LME Copper Hits $7,369.25 per MT

Copper prices on the London Metal Exchange increased today, hitting $7,369.25 a metric ton, a gain of 0.84 percent, according to Reuters.

New data showing that China, the world’s top consumer of the metal, increased its manufacturing activity in May led to a rise in New York copper futures as well, The Wall Street Journal reported. Copper for July delivery on the COMEX was up 1.65 cents, at $3.309 a pound.

Standard Bank analyst Leon Westgate told The Wall Street Journal that the Chinese data — along with possible copper mine disruptions — has encouraged investors.