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Copper rises on positive demand outlook
Copper prices rose on Thursday, lifted by positive demand outlook, despite the US dollar's rise against most majors and concerns about the Chinese demand.
This comes due to signs of slowing economic recovery in China and the increase in copper inventories.
The Chinese central bank in an attempt to support the slowing growth decided to lower the amount of funds banks need to hold in reserve, and to extend the term of June's new loans of 2.12 trillion yuan ($327 billion) from 1.5 trillion yuan in May.
The Chinese GDP reading showed a growth of 7.9% during the second quarter, lower than forecasts of 8%.
China's industrial production rose 8.3% during the second quarter, retail sales rose 12.1%, and the unemployment rate held at 5%.
The dollar index rose against a basket of major currencies by 0.1% to 92.4 points as of 13:46 GMT, after hitting a high of 92.6 points and a low of 92.2 points.
Copper September futures rose 1.2% to $4.31 per pound as of 13:47 GMT.
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