Copper drifts toward 9-year high on demand outlook, defies firm dollar

Copper is often used as a gauge of global economic health. (File/AFP)

• Three-month copper on the London Metal Exchange rose as much as 0.3 percent to $8,432.50 a ton in early trade

Benchmark LME copper edged higher on Wednesday, hovering around 2012 highs on optimism about a global economic recovery that bodes well for metals demand, against the backdrop of tightening supply.
Extending its rally into a fourth consecutive session, three-month copper on the London Metal Exchange rose as much as 0.3 percent to $8,432.50 a ton in early trade. It hit $8,437 on Tuesday, its strongest level since May 2012.
Copper, which is often used as a gauge of global economic health, defied a firmer US dollar that usually dampens the appeal of greenback-priced metals.