Copper Rises to $7,112 per Tonne on Positive US Data

Copper for delivery in three months on the London Metal Exchange gained 0.4 percent or $28.45 to trade at $7,112 per tonne on Wednesday, according to Bloomberg Businessweek. The rebound from three days of losses comes as a result of data indicating a healthy U.S. economy. The country’s gross domestic product rose at a rate of 4 percent last quarter, higher than projections, and consumer spending rose 2.5 percent.

“Copper could get a boost on that type of news,” Phil Streible, a senior market strategist at RJO Futures, told Bloomberg Businessweek. “Improving economic conditions should boost demand for all base metals.”

Copper on New York’s Comex exchange for September delivery rose 0.57 percent, or $0.02, to trade at $3.24 a pound, according to Investing.com.