Copper is settling at its highest price in more than two months after China pledged to free up its financial markets.
Copper for July delivery jumped 7 cents to settle at $3.15 a pound Monday. FactSet says that’s the highest settlement price for the industrial metal since March 6.
Late last week, China’s government outlined plans to loosen regulations on its financial markets. Traders say reports showing a drop in China’s copper stocks also helped push copper prices up. That may lead Chinese copper producers to cut back on copper exports so they can feed demand at home.
Other metals traded higher Monday. Gold for June delivery rose $8.20 to $1,295.80 an ounce.
In other trading, contracts for wheat, corn and soybeans all fell.