Copper futures rose to their highest values in a week, spurred by prospects for a strengthening economy in the U.S., Bloomberg reports.
As the second-biggest user of the industrial metal, the U.S. economy is becoming stronger following the economic recession as indicated by impressive earnings reports this week from Apple, General Electric and Morgan Stanley. Those companies' reports demonstrate profits that exceeded expectations.
"All the data point to a drastic improvement in the economy," Matthew Zeman, a senior strategist at Kingsview Financial in Chicago, told the news service.
At 4:14 p.m. on Thursday, copper futures climbed 0.92 percent, a 0.04 cent rise to $4.399 per pound.
China, recognized as the owner of the globe's hottest and most rapidly growing economy, is the top consumer of industrial metals.
During the past 12 months, copper futures have increased in value by 24 percent. The top price for the industrial metal is $4.6575 per pound, which was notched on February 15 because mining firms could not generate enough supplies to meet the demand.
"A sharply lower dollar is adding to things," Zeman said. "The path looks higher for metals."
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