Copper is set to record its second weekly price advance in a row amid hopes demand for the metal is on the rise in China.
Bloomberg reports copper for three-month delivery has risen in value by one per cent during CFD trading on the London Metal Exchange so far this week and was up 0.3 per cent to $7,325 (£4,750) per metric tonne by 15:32 local time in Singapore today (August 27th).
The rise has come amid hopes the Asian country – which is the largest consumer of metal – will step up its use.
In Shanghai, copper prices climbed to a one-week high of 57,870 yuan (£5,520) per metric tonne, however one analyst told the news agency sustained rises are not a certainty.
"Recent data highlights the uncertainties that still exist in the economy and this will keep rallies in check," remarked Luo Dayun of China Rising Futures.
Yesterday, copper rose as the dollar fell against many of its global counterparts, making commodities priced in the US currency more affordable for traders.
