Copper futures move higher on Monday

Copper futures climbed on Monday after Premier Li Keqiang said that China is confident it will hit its growth target of 7.5% this year, which eased concerns over the outlook for the world’s largest copper consumer. Further, the reports showed an increase in US manufacturing output and factory activity in New York state accelerated sharply this month, encouraging hopes of a strong rebound in economic growth this quarter too supported copper prices uptrend. Copper futures for September delivery rose 0.5% to settle at $3.044 a pound on the Comex metals division of New York Mercantile Exchange. While copper on the London Metal Exchange advanced 0.5% to $ 6,691 a metric ton.