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Copper prices rose to a three-week peak on Tuesday as a lower-than-expected stocks release in China and strong US jobs data fuelled fund buying momentum in the red metal.
Three-month copper on the London Metal Exchange advanced 0.3 percent to $9,537 a ton after rising as much as 0.6 percent earlier in the session to $9,569, its highest since June 16.
The most-traded August copper contract on the Shanghai Futures Exchange increased 1.1 percent to 69,610 yuan ($10,773.21) a ton. The contract hit its highest since June 15 at 69,970 yuan earlier in the session.
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China’s state reserves administration is scheduled to auction 20,000 tons of copper – equivalent to only 2.3 percent of the country’s output in May, among other metals on July 5-6.
