Tight Supply and Fed Speculation Push Copper to Two-Month High

Copper prices rose December 16 to their highest level in nearly two months, Reuters reported. A tight copper supply and hopes that the Federal Reserve will only slightly scale its stimulus program helped boost prices for the red metal. Copper stockpiles have fallen to their lowest since February, reaching a total of 389,175 tonnes, a loss of 3,825 tonnes, the source said.

Three-month copper prices on the London Metal Exchange rose to a high today of $7,307 a tonne. They were later at $7,305 a tonne, up $50.41 from the previous session, Reuters reported.

On the Comex in New York, copper futures for March delivery were also up $0.013 to $3.325 a pound, The Wall Street Journal reported.