Strong economic data about the globe's two largest consumers pushed up copper futures on Thursday as the base metal climbed from 60-day lows, according to Bloomberg.
Employment data released by the U.S. indicated improvements to the labor market trade and commerce. China, the top consumer of the reddish metal, is forecast to be bettering its economic life and times after several months of rough waters. The governor of the central bank and the chief of statistics indicated data from last month that will be publicized on Friday should demonstrate improvements.
"Jobless claims were better, and the trade data show that while the economy still has a long way to go, the positive numbers we have seen are probably going to hold," senior market strategist Adam Klopfenstein with Archer Financial Services Inc. in Chicago told the news source.
At 1:17 p.m. on Thursday, copper futures increased 0.68 percent, a 0.0235 cent lift to $3.465 per pound.
Reuters reports the once-per-decade change-of-power in China was prompting traders in the globe's top consumer of the reddish metal to proceed with caution.
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