The support that German Chancellor Angela Merkel and French President Nicolas Sarkozy offered to Greek Prime Minister George Papandreou also helped drive up the value of the reddish metal. The three leaders conducted a Wednesday evening teleconference during which Merkel and Sarkozy told the Greek leader they would not let the sovereign debt crisis cause the Aegean nation to default.
"All markets were under the influence of Europe's sovereign-debt crisis, and today we saw some optimism from the overnight news," senior trader Hwang Il Doo with Korea Exchange Bank Futures in Seoul told Bloomberg. He said the labor strikes in Peru and Indonesia also are pushing up copper futures.
At 3:50 p.m. on Thursday, copper futures increased 1.53 percent, a 5.95 cent climb to $3.9575 per pound.
Dow Jones Newswires reports another factor that pushed up the value of copper futures is the European Central Bank disclosing that it plans to implement measures to encourage dollar liquidity. The ECB said central banks throughout the world are supportive of the measure.
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