Copper rose 1.08 percent to $5,989.75 a tonne, touching its highest level since early March, as the economic data from top consumer China helped reinforce expectations of strong demand.
NEW YORK: Copper prices surged to their highest levels in more than four months after robust data supporting China's economic growth, while a gauge of global stocks marked a record high for a third straight session.
China's economy expanded at a faster-than-expected 6.9 percent clip in the second quarter, setting the country on course to comfortably meet its 2017 growth target.
Copper rose 1.08 percent to $5,989.75 a tonne, touching its highest level since early March, as the economic data from top consumer China helped reinforce expectations of strong demand.
"There's a bid across the complex on the Chinese data," said Macquarie analyst Vivienne Lloyd.
Among other commodities, U.S. crude
Investors continued to await strong indications that an OPEC-led effort to drain a glut was proving effective but output increases in some top producers eased, keeping losses in check.
Spot gold
Investors were also digesting U.S. data from Friday pointing to tame inflation and soft domestic demand that diminished prospects of a third interest rate increase from the Federal Reserve this year.
Expectations for another Fed rate hike in December stand at a less than 50 percent.
Benchmark 10-year notes
The dollar <.DXY> fell 0.05 percent against a basket of currencies, dropping to a 10-month low during the session, with the euro
"The markets are not convinced the Fed is going to be tightening rates anytime soon," said Vassili Serebriakov, FX strategist at Credit Agricole in New York. "In that kind of an environment, the dollar is struggling." - Reuters
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
