LME Copper Hits 5-Week High

LME Copper Hits 5-Week High

LME copper extends early gains, rising 1.1% to hit a five-week high at $7,119/ton. A strong batch of European manufacturing data has further bolstered investor sentiment, says Michael Turek, a director of metals at Newedge. Surveys showed euro-zone business activity resumed modest growth in July for the first time since the start of 2012. Individual country readings from Germany and France, the euro zone’s largest economies, were particularly strong. Base metals are used widely in manufacturing and construction. As such, investors tend to eye such data for demand clues. LME 3-month copper now +1% at $7,109.75/ton.

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