Copper price extends recovery on China’s efforts to tame housing woes

A growing number of home buyers across China threatened to stop making mortgage payments for stalled property projects, aggravating a real-estate crisis that has already hit the economy.

Copper rose 4.3% to $3.37 ($7,414) a tonne on the Comex market in New York.

Click here for an interactive chart of copper prices

Goldman Sachs Group Inc. last week forecasted copper to trade at $6,700 in the next three months, a 22% downgrade from its previous outlook.

The bank said a surging dollar will remain a headwind until macroeconomic risks subside.

(With files from Reuters)