Economic activity in Europe, the U.S. and China helped drive copper futures to their highest price in almost 16 weeks on Friday, Reuters reports.
The European Central Bank's drive to rein in the sovereign debt crisis by purchasing bonds, a weaker-than-expected jobs report in the U.S. prompted hopes for asset purchases, and the Asian nation granting approval to large infrastructure proved to be beneficial to the reddish metal, which is sensitive to financial and economic developments due to its myriad industrial uses.
"Prices are rising in anticipation of a potential policy response to a weak situation. There is nothing fundamentally to warrant the rise in prices, absolutely nothing. If stimulus doesn't come or doesn't work, then these markets are rising on air," analyst Duncan Hobbs with Macquarie told the news source.
At 1:47 p.m. on Friday, copper futures gained 3.7 percent, a 13 cent rise to $3.6465 per pound.
Bloomberg reports traders of the industrial metal are more bullish now than any time since October of last year as they believe efforts to spur growth will drive demand for the metal.
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