Copper Futures End Higher On IMF Growth Forecasts

Copper futures ended to their highest level in more than two years on Tuesday, on optimism that accelerating growth in Asia and Europe will stoke demand for the industrial metal. The International Monetary Fund (IMF) on Monday revised up China's growth forecast for 2017 to 6.7 percent. The fund also revised up China's economic forecast for 2018 by 0.2 percentage point to 6.4 percent, citing expectations that China may maintain high public investment and delay fiscal adjustment to meet its target of doubling the 2010 real gross domestic product (GDP) by 2020.

Copper futures for September delivery climbed 4 percent to settle at $2.8465 a pound on the Comex metals division of New York Mercantile Exchange. While, copper on the London Metal Exchange ended up 3.3 percent at $6,225 a metric ton.

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