Copper Rises to 26-Month High in London on China Factory Gains

Copper prices in London rose to the highest level in almost 26 months as metal inventories dwindled and a report showed manufacturing increased in China, the world’s largest user.

Stockpiles monitored by the London Metal Exchange fell to the lowest level since Nov. 4 and are down 25 percent this year. A China purchasing managers’ index released today by HSBC Holdings Plc and Markit Economics reached a five-month high in August. Copper prices have gained 35 percent in the past year.