The copper price rose on Friday as investors hoped that China’s efforts to bolster its economy will improve demand for metals.
Copper for delivery in March rose 2.3% on the Comex market in New York, touching $3.91 per pound, or $8,602 per tonne.
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The most-traded February copper contract on the Shanghai Futures Exchange rose 1.5% to 65,060 yuan ($9,460.25) a tonne.
Economists and analysts believe policymakers in China will roll out more support measures to stimulate demand this year, as part of Beijing’s overall goal to bolster the $17 trillion economy after a sharp covid-induced downturn.
The probable modest demand recovery in the property sector will propel the demand for industrial metals.
The sentiment was also buoyed by news that China will reopen on Sunday, welcoming international travelers and returning residents without the need to quarantine for the first time since 2020.
China’s southern manufacturing hub of Guangzhou plans 1,722 projects in 2023 worth more than 6.5 trillion yuan ($945 billion), state media CCTV reported on Thursday.
On the output front, Chile’s total copper production fell 6.9% in November to 449,000 tonnes, government body Cochilco said on Thursday.
(With files from Reuters)