Copper prices rise following strong US figures

Copper and other metal prices have risen following the release of strong economic data from the US, according to data from the London Metal Exchange.

Figures show copper prices were up 0.53 per cent at $5,613 per metric ton in trading last week, while the price of gold continued its upward trend by climbing 0.36 per cent to $1,250.20 per troy ounce, boosted by the weaker dollar.

According to the US Labor Department initial jobless claims also fell last week, while an index released by the Federal Reserve Bank of Philadelphia revealed that manufacturing activity across the mid-Atlantic expanded this month.

William Adams, head of research at FastMarkets, stated that these changes are likely to have given copper prices a lift, alongside the weakening dollar, which was down 0.23 per cent at 89.03 by the end of the week.

Copper has been under pressure recently due to many investors dropping their more risky assets as a result of political turmoil in the US. Prices were also hit by reduced confidence in China's economic growth prospects.

Meanwhile, gold has continued to slowly recover in response to the weakening dollar, with prices being held back due to an expected interest rate increase by the Federal Reserve next month.

Among other precious metals, silver increased by 0.90 per cent to $16.71 per troy ounce, while platinum rose by 0.33 per cent to $935.65 per troy ounce and palladium rose 0.33 per cent to $767.05 per troy ounce.

Similar rises can be seen among other base metals in the London Metal Exchange, with aluminium up by 0.07% at $1,925.5 per metric ton, lead up by 0.31% to $2,078 per metric ton, tin up by 0.47% to $20,335 per metric ton, and zinc rising 0.41% to $2,552 per metric ton.

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