Copper price up on hopes of stronger US metals demand

Copper prices advanced on Monday on hopes of stronger demand for metals after data showed an acceleration in hiring in the United States.

US companies in June hired the most workers in 10 months, raising wages and offering incentives to entice millions of unemployed Americans.

“Wage growth tends to lead to strong demand for durable goods, a key sector for the metals markets,” said ANZ analysts in a note.