Copper futures have risen again overnight to a nine week high as long positions have been increased as hedge funds and investors bet on the recoveries in the US, Europe and China.

The period of destocking in China appears to be over, at least for now which is showing an improvement in metals demand and also a stabilisation of growth in China over the coming months.

Since July, the copper price has climbed almost 8%. Overnight it climbed to USD 7,245 a tonne on the London Metals Exchange. In context, the copper price had fallen 20.2% until last month however there are grounds for optimism for the metal's future.

Large imports from China have been the engine for recovery in the copper price, with imports up 28% in July alone. China accounts for 37% of global demand for copper. However, on an intensity measure, this is still low as China's copper consumption per capita is less than 50 per cent of that of the US.

Now the largest demand for copper in China is from the power industry is reported to come from the power industry, which accounts for around 40% of total consumption.