Copper Price Rises to Eight-week High on Anticipated Chinese Demand

BEIJING (Scrap Monster): Copper price increased to an 8-week high on Monday even though the expected demand in China would jump upwards in the coming term. Earlier in the day, copper for July exchange boosted to a high session of $3.104 a pound on the Comex division of the New York Mercantile Exchange. This was the highest since March 7.

Copper that traded last was at a rate of $3.094 per pound, up to 0.03% during European morning hours. Futures reached at 0.16% or 0.5 cents, on Friday to reach at $3.093 a pound. Based on the data released on the weekend, it was showed, that Chinese industrial companies profit increased 10.75 in March compared to a year earlier. This was faster rate than the 9.4% pace in the period of January-February. The profits of Chinese industrial companies raised 10.1% from a year earlier, during the first quarter.

China is the world’s biggest copper consumer. Almost 40% of the world consumption of copper last year was in the Asian country.