Copper price surges $164/tonne on rare good news from Europe

Reuters reported that copper surged almost 2% bolstered by a weaker dollar, the better political situation in Italy and a pickup in Chinese bank lending. Benchmark copper on the London Metal Exchange (LME) closed at $7,639 a tonne, about 2 percent up from a last bid at $7,475 on Thursday and the first move up this week.