Positive Economic Data from China Pushes Copper Up to $7,274 a Tonne

- October 8th, 2013

Copper prices increased on October 8 thanks to positive economic growth stemming from China.

Copper prices increased on October 8 thanks to positive economic growth stemming from China. The country’s activity index in September was above 50, at 52.4, indicating an increase in services activity and an improvement in the overall economy, Bloomberg reported.

Copper for delivery in three months hit $7,274 a tonne on the London Metal Exchange, a rise of $29.09 from the previous session, the source said.

On the Comex in New York, copper futures for December delivery rose $0.01 to $3.31 a pound. The metal was also helped by the return of Chinese investors from their national holiday last week.

Holding the red metal back from making further gains was the ongoing stalemate of the U.S. government. U.S. federal government still has not resolved the shutdown and debt limit, Bloomberg reported.

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