Copper price rose on Wednesday, supported by expectations of further policy easing in China.
March delivery contracts were exchanging hands for $4.48 a pound ($9,856 a tonne) on the Comex market in New York, up 2.3% compared to Tuesday’s closing.
Click here for an interactive chart of copper prices.
The most-traded March copper contract on the Shanghai Futures Exchange was steady at 70,050 yuan ($11,026.46) a tonne.
China, the world’s biggest buyer of metals, has been mired in a property market slump, credit stress and repeated virus outbreaks. In response, the central bank this week cut its policy interest rate for the first time in almost two years, signaling the beginning of an easing cycle.
“There’s a trend of strengthening the macro policies to stabilize the economy amid downward pressure on the real estate market,” Huatai Futures said in a note.
Copper stocks in LME-registered warehouses climbed to their highest in two months at 94,525 tonnes, easing some concerns about supply tightness.
China’s copper exports rose to an annual record of 932,451 tonnes in 2021, according to customs data.
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(With files from Reuters and Bloomberg)