Rising industrial production in emerging nations has accounted for a growing percentage of the demand for a wide variety of metals and other materials that are used in everything from consumer electronic devices to automobiles.
According to a recent Associated Press report, copper is one commodity that has seen its prices rise amid expectations that the Chinese economy could be poised for renewed growth. The report quoted Richard Feltes of MF Global in Chicago as saying that “as goes the Chinese stock market, so goes commodities.”
The wire service noted that copper for July delivery was up 8.65 cents to $3.14 per pound, marking a 2.8 percent increase. The report added that other materials seeing gains recently were platinum and palladium.
Elsewhere, rising industrial and commercial activity will do more than just increase demand for things like commodities and building materials. Any sustained economic growth in the coming months could also be accompanied by higher oil prices.
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