Copper prices jumped the most in three weeks on speculation that demand will rise in China

Copper prices jumped the most in three weeks on speculation that demand will rise in China, the world’s largest user of the metal.

China’s economy will improve in this year’s 4 trillion yuan ($ 585 billion) stimulus spending comes into force, government officials said today. Countries copper purchases in the “long way to go,” said Scotia Capital Inc.. Prices rose 7.4 percent last week on speculation government spending in the U.S. and China will revive the world economy and raise the consumption of metals.

“Commodities are bouncing with copper, in particular,” after the comments of Chinese officials, Peter Boockvar, equity strategist at Miller Tabak and to New York, said in an e-mail note today. “This means that China will do and spend every effort” to increase its economy, Boockvar said.

Copper futures for May delivery rose 7.6 cents, or 5 percent, to $ 1592 per pound at 9:10 am on the New York Mercantile Exchange in the COMEX Division. Close to that price will be the biggest benefits for most active contract since Feb. 6.

At the London Metal Exchange, copper for delivery in three months rose $ 140, or 4.1 percent, to $ 3525 metric tons ($ 1.60 per pound). The price reached a record $ 8940 on 2 July.

(worldminingexplorationnews.com)