The last time copper prices were this high was September of 2014.

Copper prices rose $2.95, or 1%, early Thursday morning to $311.65 per pound as demand from China, the world's largest copper consumer, increases amid optimistic growth prospects.

The base metal is headed toward its highest price since late 2014 and is poised to gain 7% for August. The last time copper prices were this high was September 2014, when copper was at $316.95 per pound.

The International Monetary Fund increased its growth outlook for China in late July, suggesting the country's high demand for copper will continue.

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