The price of copper for July delivery rose 3.6% to $2.45 a pound Thursday, while several copper-related stocks moved higher.
MarketWatch reports that trade data from China showed the country's May imports of copper rose by 6% from the previous month, to 422,666 metric tons, while inventories at the LME fell to 294,275 metric tons Wednesday, down 90,900 metric tons from a month ago.
Several copper miners also moved higher Thursday, including Nevada Copper Corp., (TSX: T.NCU, Stock Forum) which surged 29.5% to 79 cents, Mercator Minerals (TSX: T.ML, Stock Forum), up 13% to $2.08, and Stingray Copper (TSX: T.SRY, Stock Forum) which climbed 11% to 50 cents.
On the Mercator Minerals Bullboard, zoomzoom3 said: “Copper is doing well and new highs are here!!!”
While MolyMadeMeRich noted: “recovery happening…copper is leading the way”…