Tags: Copper | Rallies | China | Demand

Copper Rallies on China Demand Outlook

Tuesday, 25 Mar 2014 07:09 PM

Copper rose the most in 15 weeks in New York Tuesday on speculation that demand will improve as China, the world’s largest metals consumer, takes steps to bolster economic growth.

China will accelerate public spending and loosen regulations on private investment, Li Daokui, former adviser to the People’s Bank of China, said in Bloomberg Television interview. Demand is starting to emerge from industries including construction and power, and some fabricators are considering buying more copper due to increased orders and lower prices, according to a survey by Macquarie Group Ltd.

Metals are rebounding “as China displays increased determination to maintain growth rates,” Michael Turek, a senior director at Newedge USA LLC in New York, wrote in an e- mail. “We should continue to see further, if gradual, signs of consolidation and resultant price recovery.”

Copper futures for delivery in May climbed 2 percent to settle at $3.0055 a pound at 1:13 p.m. on the Comex in New York, the biggest gain for a most-active contract since Dec. 4.

Prices also advanced earlier as Anglo American Plc said it halted work at its largest copper mine in Chile, the world’s biggest producer, after protests by contract workers turned violent. Normal activity was expected to resume at Los Bronces after shift workers returned to work earlier today, the London- based company said.

On the London Metal Exchange, copper for delivery in three months advanced 2 percent to $6,603 a metric ton ($3 a pound). Prices have declined 10 percent this year as signs of slowing economic growth fueled concern demand slow in China.

Aluminum, lead, nickel, tin and zinc also gained in London.

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Copper rose the most in 15 weeks in New York Tuesday on speculation that demand will improve as China, the world's largest metals consumer, takes steps to bolster economic growth.
Copper,Rallies,China,Demand
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2014-09-25
Tuesday, 25 Mar 2014 07:09 PM
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