Report on China's economy lifts copper prices

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Associated Press

Posted on June 2, 2014 at 3:00 PM

Updated Monday, Jun 2 at 3:10 PM

Prices for copper are climbing on more signs that China's economy is regaining strength.

An official gauge of activity in China's factories reached its highest level this year, China's government said Monday. The report showed manufacturing increasing in May for a third straight month. The news helped drive up prices for copper, which is widely used in manufacturing and construction.

Copper for July delivery rose five cents, or 1.5 percent, to settle at $3.17 on Monday.

China is the world's biggest buyer of the industrial metal, so traders tend to buy copper contracts on signs the country's economy is growing.

Other metals ended mixed. Gold for August delivery fell $2 to $1,244 an ounce.

Grains and crops were also mixed. Crude oil fell.

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