Copper Highest Level Since Early May

Copper Prices Hit Highest Level Since Early May
July 13, 2016, 02:50:00 PM EDT By Dow Jones Business News





By Ese Erheriene and Ira Iosebashvili

Copper prices rose to their highest level in more than two months Wednesday, as strong import data from top consumer China and a soft dollar encouraged demand for the industrial metal.

Copper for September delivery closed up 1.2% at $2.2240 a pound on the Comex division of the New York Mercantile Exchange, the highest settlement since

"Overall, the June import data point to solid Chinese commodity demand," analysts at Capital Economics said in a note to clients.

China accounts for roughly 45% of global copper demand, and as a result, metal prices tend to mirror the country's economic fortunes.

The WSJ Dollar Index was recently down 0.1% at 86.97, making the dollar-denominated industrial metal cheaper for those holding other currencies to buy.

Among the other base metals, aluminum closed down 0.2% at $1,673 a metric ton, zinc was down 0.7% at $2,179 a metric ton, nickel was down 1.3% at $10,350 a metric ton, lead was up 0.6% at $1,879 a metric ton and tin was down 0.1% at $ 17,970 a metric ton.