Copper futures pushed beyond two-week highs on Thursday as the U.S. dollar slipped, according to Reuters.
Also benefiting the price of the reddish metal were healthier housing data from the U.S. and industrial demand slated to grow in China, which enhanced sentiment for demand. The industrial metal, which is sensitive to global economic and financial developments due to its myriad uses in construction and industry, met its highest price since July 3 when striking $7,823 per ton.
"What we're seeing is a bout of short-covering. It looks as though there may be some fresh funds coming back into commodities as well and it's been one-way traffic for the past 30 minutes or so," a London trader told the news source.
At 9:07 a.m. on Thursday, copper futures increased 1.42 percent, a 0.0495 gain to $3.5235 per pound.
Thursday's gains for the reddish metal mark the second consecutive trading session of advances, according to Bloomberg. The U.S. and China, owners of the globe's top economies, also are the world's biggest consumers of copper.
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