The price of copper climbed to its highest level in 5 1/2 months on Monday amid hopes demand will improve in China.

Copper futures for May delivery rallied 5.5 cents to $2.13 per pound. Earlier in the day, the metal hit as high as $2.1685, its best level since Oct. 30.

The metal has gained more than 50% already in 2009. Prices are still well-off the record $4.2605 reached last May.

Monday's trading was light, as expected, with European markets closed along with a number of Asian markets. After the bell, the markets got a boost from a strong first-quarter earnings report from Goldman Sachs (GS), which could provide a much-needed boost to the struggling financial industry and, as a result,help demand for commodities.

An assortment of economic data will be released on Tuesday morning. Producer price index data highlights the economic calendar, with the report expected at 8:30 a.m. ET. At the same time, retail sales data for March will also be made public. At 10 a.m. ET, business inventories data for February is set for release.

June-dated gold ended at $895.80, up $12.50 for the session. Gold for immediate delivery finished at $894.70, also up $12.50 for the session.

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