Copper prices rose to a new maximum on the back of positive statistics from China
Copper prices this morning rose to a maximum value in more than 2 years. At 9:58 the value of its futures on the Comex exchange rose by 2.53% to $3.25. The growth drivers were positive economic data from China and the decline of the dollar. China holds the leading position in copper consumption in the world. Positive economic statistics in this country strengthened the optimism. investors, expecting the growth of demand for metal - according to official data, industrial production in October increased by 6.9%. The results surpassed the forecasts of analysts, who expected this indicator at 6.5%. Copper finished last week with a growth of 0.7% per tonne - this rise was recorded on Friday at the London Metal Exchange. Rising copper prices also stimulate weakening of the dollar. Its decline allows investors using foreign currency to buy more raw materials, which increases the demand for them.