Also benefiting the price of the reddish metal during the first trading session of 2013 was strong economic data released by China, the globe's top consumer of the reddish metal. Demand for the base metal is forecast to climb as a result of strong economic data.
"We started off 2013 on a very positive note. The market is thinking the fiscal cliff being resolved quickly leaves the year open to maybe a better-than-expected recovery in the U.S. economy," analyst Robin Bhar with Societe Generale told the news source. "The other big thing for the metals market is a strong rebound in China that could be underway; the data is pointing to that. Sentiment is certainly risk-on and the dollar has taken a back seat because of that, so it should be a pretty good beginning for financial markets."
At 10:24 a.m. on Wednesday, copper futures climbed 2.78 percent, a 0.1015 cent gain to $3.754 per pound.
Bloomberg reports gains for copper futures were the sharpest in three months.
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