Copper climbs on hope for more economic stimulus

AP News
Posted: Aug 07, 2012 3:41 PM
Copper climbs on hope for more economic stimulus

The price of copper is climbing on renewed hope that governments will take more action to promote global economic growth.

Copper rose 5.15 cents Tuesday to end at $3.4405 per pound.

China is scheduled to release new economic reports later this week. Traders speculate that China will approve additional measures to aid its economy if those numbers are weak.

They also are anticipating similar action from the U.S. and Europe.

Copper is considered a good barometer for how the global economy is doing because it has so many uses, ranging from construction to manufacturing and consumer products. Demand for copper tends to increase when those industries are doing well.

In other trading, prices rose for industrial metals, oil and gasoline. Gold, soybeans, wheat and corn fell.