NEW YORK (AP) -- A drop in copper stocks in London is suggesting
there is strong demand for the metal, sending prices of copper and
other industrial metals higher despite Federal Reserve Chairman Ben
Bernanke's caution about the economic recovery.
Copper for September delivery rose 9.15 cents, or 3 percent, to
settle at $3.0930 a pound, its highest level since June 29.
Copper stocks at the London Metals Exchange had dropped
overnight, said Adam Klopfenstein, senior market strategist at
Lind-Waldock. They have been sliding for months.
Klopfenstein says it was unclear if copper prices would be able
to stay above $3 a pound past this week as the strength of the
economic recovery remains uncertain.