Data about manufacturing in the U.S., China and Germany proved positive, which tends to benefit the industrial metal as it is sensitive to economic data due to its uses in manufacturing. On Wednesday, the first day of February, the reddish metal continued the upward track it achieved in January, when copper futures increased 9.5 percent in value.
The manufacturing data was a touch better than in December; this is the key reason propping up metals," analyst Andrey Kryuchenkov with VTB Capital told the news service. "I expect the $8,300-8,600 range to hold though, as copper consolidates below recent highs."
At 4:27 p.m. on Wednesday, copper futures increased 1.13 percent, a 4.3 cent lift to $3.832 per pound.
The Financial Times reports chatter about the reddish metal achieving the psychological price of $10,000 per metric ton is growing increasingly prominent as the price of the industrial metal continues rallying. The development comes as a surprise considering the financial turmoil of 2011 caused the price of copper to suffer and demonstrate volatility.
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