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Signs of economic growth drive copper prices up

Published on NewsOK Modified: July 2, 2014 at 3:17 pm •  Published: July 2, 2014

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.