The price of copper looks like it's on its way up again and the share prices of Australian copper companies could be going with it.
Copper again hit its highest point in more than a month on Thursday amid increasing indications of rising demand in China.
And Congo's minister for mining has ordered a joint venture of Chinese investors to stop exporting raw copper and cobalt before processing because of their low value on international markets, helping to boost the price of copper, according to Reuters.
Copper is trading above $3 (US/lb), up from the $2.22 it was trading at this time last year.
A number of Australian copper companies have seen their share prices climb over that period.
The share price of copper miner Avanco Resources Limited (ASX: AVB) has moved from $0.06 to close on Thursday at $0.09.
The share price of Xanadu Mines Ltd (ASX: XAM), a copper and gold exploration company, has gone up from $0.19 to $0.30 in the past year.
And OZ Minerals Limited (ASX: OZL), a mining company with a focus on copper, has seen its share price rise from $5.88 this time last year to close on Thursday at $7.93.
It appears those companies certainly benefited from the rising price of copper.
And if the price of copper keeps climbing, it's likely the share prices of those with big interests in the commodity will follow.
As the price of copper is driven by global demand, China, the world's biggest copper consumer, can heavily influence its price.
Earlier this year many were predicting a grim future for the price of copper.
But things have changed.
The IMF now expects China's economy to grow by 6.8% this year and 6.5% the year after, up slightly from its previous forecast in July.
However, the outlook for copper may soon be clearer following China's Communist Party Congress next week.
