Copper for December settlement on the Comex division of the New York Mercantile Exchange rose 2.35 cents or 0.8% to $3.1190 per lb. Earlier on today, the contract touched $3.1205, its highest since September 8.
Since investors returned from an extended holiday weekend on Tuesday, red metal prices have experienced sustained buying. Another contributing factor was Chinese market participants’ growing optimism before the Communist party convenes for their five-year planning meeting in Beijing.
“The stock rise and wider spreads of late, also suggest plentiful availability so there should be little need for buyers to chase prices higher, although they seem to be doing so anyway,” Metal Bulletin’s senior analyst William Adams said.
“China has returned from its week-long holiday and prices have been buoyant, we wait to see whether Shanghai Futures Exchange copper stocks continue to fall at a fast pace,” Adams added.
In the precious metals space, Comex gold for December delivery rose $6.90 or 0.5% to $1,295.80 per oz. Currency moves and data releases