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After reaching its lowest point in over two years during the week ended February 6, copper gained 1.1 percent on Wednesday to trade at $5,658.50 a tonne on the LME.
After reaching its lowest point in over two years during the week ended February 6, copper gained 1.1 percent on Wednesday to trade at $5,658.50 a tonne on the LME, according to Reuters. Meanwhile, copper prices on the COMEX in New York crept up 0.5 percent to trade at $2.565 a pound, as per Investing.com.
The improvement was largely based on speculation that China, the world’s largest copper consumer, may increase stimulus in response to stagnant economic growth. Weak Chinese demand for copper has driven the metal’s price down during the past month, and it is not known when demand will pick up. Standard Chartered plc (LSE:STAN) analyst Judy Zhu told the news outlet that the market’s direction will likely remain unclear until March, after the Chinese New Year.
