Copper prices shot to their highest settlement in seven weeks as a batch of better-than-expected economic data from China had traders betting the world’s top industrial-metal consumer was turning the corner.
The news was enough to push up copper and other base metals in thin trade. Copper for March delivery, the most actively traded contract, rose 4.30 cents, or 1.2%, to settle at $3.7060 a pound on the Comex division of the New York Mercantile Exchange on Monday. This was the highest settlement since $3.7500 a pound set Oct. 18.
Over the weekend, China posted its highest industrial production numbers since March, up 10.1% in November from a year earlier. The report beat forecasts and improved on October’s 9.6% increase.