Copper Approaches a Record High on Hopes of China Demand

The price of copper advanced towards an 11-week high in London, buoyed by optimism that surging stocks market on a global scale signal a favorable forecast for economic growth.

The Standard & Poor’s 500 gauge stocks were little changed on Wednesday, after hitting a record peak yesterday. The volume of durable goods ordered in the US in April saw a surprise jump for the third month in a row, while Chinese manufacturing profits surged. The countries are world’s largest markets for copper.

Three-month delivery copper added 0.1% to $6,940.75 per metric ton or $3.15 per pound as of 5:04 pm, local time on the London Metal Exchange. The price had earlier hit $6,970, a high not seen since March 7.