At 04:03 London time, three-month copper was at $7,456 per tonne, up $6.75 from its open. The contract touched a high of 7,506.75 and a low of $7,425 per tonne.
“The news of a Spanish banks bailout package and better-than-expected China trade figures boosted copper prices,” a category II member said.
“Copper may pick up slightly to $7,600 and even go up to $7,800 in the near term,” he said.
But he was still cautious about the macro-economic environment in Europe, adding that China’s recent cut in interest rates will take a...