Signs of economic growth drive copper prices up

Published on NewsOK Modified: July 2, 2014 at 3:17 pm •  Published: July 2, 2014
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Copper is closing at its highest price in more than four months as more signs of economic growth push prices for the industrial metal up.

Copper for September delivery gained 6 cents, or 1.9 percent, to settle at $3.27 a pound Wednesday. That's the highest price for the metal since February, according to the data provider FactSet.

A report on hiring from ADP, a payroll processor, said private employers added 281,000 workers last month, another sign the US economy is shaking off a winter slump.

Copper prices have climbed 2.9 percent this week following reports of stronger manufacturing activity in China, the world's biggest buyer of copper. The U.S. is the world's second-biggest buyer.

In other trading, gold for August rose $4.30 to $1,330.90 an ounce. Crude oil ended lower.