Thursday, 28 October, 2021

Copper up on China stimulus hopes, trade talk progress

Beijing: London copper prices rose as much as 1 per cent on Monday, snapping two days of declines, on expectations of more stimulus measures in top metals consumer China and optimism over Sino-US trade talks.

China said on Monday it would relax residency curbs in many of its smaller cities and increase infrastructure spending to boost economic growth. On Sunday, China also announced measures to encourage financing for small and medium-sized businesses, report agencies.

In the peak April-May copper consumption season, short position holders are "powerless" as it will be impossible to make a case for weak demand over this period.