Copper Hits Highest Level Since July

Beckett Bronze produces cast bronze precision-machined parts and continuous cast bars. Castings are manufactured at the East 20th Street plant. The West 23rd Street plant produces finished machined parts and has about 75 machine tools including CNC lathes.


Copper prices rose to their highest level since July on Wednesday, boosted by optimism on trade talks between the U.S. and China and a rally in oil.

Copper for March delivery was recently up 1.65% at $2.9200 a pound on the Comex division of the New York Mercantile Exchange.

President Trump said Tuesday that the U.S. may not increase tariffs on Chinese goods as scheduled after March 1. With cabinet-level officials set to join the talks Thursday, some analysts are expecting positive news developments that could bolster optimism in the global economy. Copper is used extensively in manufacturing and construction, making it sensitive to fluctuations in global growth.

Stronger oil prices also gave copper a lift. Swings in oil tend to sway copper because many investors trade the two commodities as part of a single basket, with a greater share devoted to oil.

U.S. oil was up 1.3% at $57.16 a barrel.

In precious metals, gold prices fell in aftermarket trading after minutes from the Federal Reserve’s latest meeting showed several officials indicated that they expected another interest rate increase could be justified given their outlook for solid growth later this year.

Gold struggles to compete with yield-bearing investments when rates rise.

Gold for April delivery was recently at $1,344.60 a troy ounce in electronic trading, after closing up 0.2% at $1,347.90 a troy ounce in regular trading.

Write to Ira Iosebashvili at ira.iosebashvili@wsj.com


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