The industrial metal also was driven higher in value as a result of manufacturing bouncing back in China, the globe's biggest consumer of the industrial metal. October is likely to see an expansion of manufacturing
"Most markets seem to be relieved by the progress made over the weekend by European leaders," states a report by senior commodity analyst Edward Meir with MF Global Holdings. Metal Research Head David Thurtell with Citigroup in Singapore told the news service "Chinese consumers have been running hand-to-mouth for more than a year, waiting for the price pullback, which has finally come."
At 5:15 p.m. on Monday, copper futures gained 7.01 percent, a 22.6 cent rise to $3.449 per pound.
The Associated Press reports adjustments to the emergency bailout fund is likely to be finalized on Wednesday when officials convene for a summit. Leaders of Germany and France signaled as much this past weekend.
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