Copper prices are climbing on hopes that China's demand for the metal may grow. Copper settled up 2 percent Friday. Most commodities are higher in light volume ahead of the Memorial Day weekend.
China has a voracious appetite for commodities such as copper, which is used in manufacturing, construction and infrastructure. Investors have worried that China's demand may decline because of the government's efforts to curb inflation and slow economic growth.
Recent reports indicate that Shanghai Futures Exchange warehouse inventories of copper are declining, a sign that demand could be growing.
Most commodities are also benefiting from a weaker dollar. Since commodities are priced in dollars, buyers who use other currencies get more for their money when the dollar is weak.
At India's Multi-Commodity Exchange, copper June futures rose 1.88% to 418.25 after touching a high of 419.75.
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