Copper prices rise on strong second-half outlook

Copper prices increased on Wednesday as investors bet on a strong outlook for the metal in the second half of this year due to falling inventories and rising premiums in top consumer China, Reuters reports.

Three-month copper on the London Metal Exchange edged up by 0.4 percent to US$9,792.50 a ton by 0512 GMT, and the most-traded September copper contract on the Shanghai Futures Exchange gained by 0.3 percent at 72,220 yuan (US$11,098.82) a ton.

Yangshan copper premium was last traded at US$45 a ton, hovering near its highest level since end-April, indicating higher demand for importing the metal into China.

Meanwhile, the metal price is supported by falling inventories in ShFE which hit their lowest since February 10 at 96,087 tons by the end of last week, exchange data showed.