Copper prices moved higher on signs of economic recovery across the world. Prices in London, Shanghai and New York touched their ten-month highs on speculations that demand for the industrial metal would see an upmove.
Copper for three-month delivery on the London Metal Exchange rose to $5,946.75 a metric tonne, the highest since October 6, and was seen at $5,884.50 at 3:35 pm in Singapore.
Copper for September delivery on the Comex division of the New York Mercantile Exchange advanced 3.4% to $2.7130 a pound, the highest price for a most-active contract since October 3. November-delivery copper on the Shanghai Futures Exchange jumped 6% to 47,880 yuan ($7,009) a tonne, its best since October 7, and closed at 47,200 yuan.
Copper prices have advanced, as the US economy shrank less than expected and a Chinese manufacturing index climbed to a one-year high. Economists are expecting reports this week to show employers in the US cut jobs at a slower pace in July and that the manufacturing slump is easing, according to surveys.
The most severe recession in at least five decades may be ending and growth in the US may resume at a rate faster than most economists foresee, according to former Federal Reserve Chairman Alan Greenspan.