By Ese Erheriene 
 

Copper prices rose Wednesday, bouncing back from two straight days of losses as some traders closed bets on lower prices ahead of a holiday in China.

Copper for December delivery, the most actively traded contract, was recently up 1.4% to $2.3465 a pound on the Conmex division of the New York Mercantile Exchange.

Prices for the industrial metal are getting a boost as some China-based traders cover bets against copper before Chinese exchanges close for a public holiday Thursday, market participants said. At the same time, some investors believe that disappointing Chinese manufacturing data released Tuesday will spur the government to launch fresh economic stimulus efforts, boosting demand for copper and other raw materials.

Some investors, however, believe the negative economic conditions that have pounded commodities prices this year will persist.

"Deteriorating economic growth outlook for emerging markets is likely to keep ... prices under downward pressure," said ANZ Research in a note to clients.

Copper is a key component in manufacturing and production, making prices sensitive to economic data. China accounts for some 40% of the world's copper production.

Financial markets have been roiled in recent weeks by concerns about future demand from China, after a string of poor data and economic shocks. Prices for copper are down more than 20% from intraday highs reached in May.

--Ira Iosebashvili contributed to this article.

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

September 02, 2015 11:57 ET (15:57 GMT)