Copper price highest in 6 weeks as flooding in China raises supply concerns

Copper prices jumped on Monday as floods in China sparked demand hopes at a time when inventories are falling.

Copper for delivery in September rose 4.5% from Friday’s settlement price, touching $4.602 per pound ($10,120 per tonne) midday Monday on the Comex market in New York.

Benchmark copper on the London Metal Exchange was up 0.9% at $9,604.50 per tonne in official trading, after touching its highest since June 16 at $9,665 per tonne.