Copper futures on Thursday rose to their top value in five months, following the upward tack of the shared currency of the European Union as Greece achieved a deal with private creditors, according to Reuters.
By reaching an agreement, the Aegean nation is set to accept the equivalent of $173 billion in euros as a second tranche of bailout aid since June 2010. The debt-hobbled nation now is likely to avoid defaulting on loan obligations.
"The important thing is that an agreement has been reached for Greece," analyst Arne Lohmann Rasmussen with Danske Bank told Reuters. "This should support risk appetite in general, but we've had a good run recently, so we might start to see some profit-taking."
At 1:48 p.m. on Thursday, copper futures increased 1.75 percent, a 6.85 cent lift to $3.978 per pound.
Dow Jones Newswires reports optimistic remarks from Mario Draghi, president of the European Central Bank, also helped the value of copper futures climb on Thursday. The reddish metal is sensitive to economic developments due to its myriad uses in industries such as construction and manufacturing.
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