Chinese imports of the reddish metal last month reached their highest amount since April 2012, surging 18 percent to amount to 457,850 metric tons. The London Metal Exchange noted supplies fell for a 28th consecutive session, which also benefited the price of the base metal on Monday. But investors and analysts are keeping a close eye on ongoing discussions and negotiations regarding the Thursday deadline in the U.S. for the debt ceiling and the partial government shutdown.
"A weaker dollar has supported the base complex," states a report issued by RBC Capital Markets Ltd., according to the news source. "As the U.S. government's partial shutdown enters a third week, market focus now turns to the more serious conflict over raising the nation's borrowing limit."
At 9:18 a.m. on Monday, copper futures rose 0.89 percent, a 0.029-cent gain to $3.298 per pound.
Reuters reports the gains in Chinese imports in September reversed losses from the month prior.
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