Softer dollar lifts copper

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    Copper prices rose on Thursday, as a softer dollar and renewed hopes for another US stimulus boosted demand for the metal that is often used as a gauge of global economic health.

    Three-month copper on the London Metal Exchange was up 0.5 percent at $6,703 a ton.

    The contract hit its highest since Sept. 23 at $6,708 a ton earlier in the session.

    The dollar was on the defensive at a one-week low, as robust US data and fresh hopes for fiscal stimulus had investors confident enough about economic recovery prospects to seek out riskier currencies.

    A softer dollar makes greenback-priced metals more appealing to holders of other currencies.