Copper hits four-month high, set for highest monthly rise since Sep 2012
Copper prices climbed to a four-month high Friday in London, driven by shrinking supplies and predictions that China, the metal’s No. 1 consumer, will help lift demand for industrial metals in 2014.
In New York, however, the red metal was that lucky, falling for the first time in three days as London traders caught up after a two-day holiday.
Three-month copper on the London Metal Exchange traded at $7,365 a tonne, up 1.3% since hitting $7,410 last August.
On the Comex in New York, copper for delivery in March plunged 0.5% to $3.3815 a pound by 8:40 am ET.
Dr. Copper, as investors call the industrial metal, is usually a good indicator for economic trends and equity markets.
Image by Ehrman Photographic