Copper Jumps to Two-week High

Copper on the London Metal Exchange jumped to a two-week high on Wednesday, reaching $5,755 a tonne, according to Reuters. Meanwhile, copper on the COMEX in New York reached $2.581 a pound, as per FXStreet.

Those spikes came after China announced plans to cut reserves and boost its economy. Since China is a significant purchaser of raw commodities, the move sparked optimism and demand.

“This will give hope to the market that there is some stimulus on the way and that China is reacting to the weaker economic data by stimulating growth,” Reuters quotes Gayle Berry, a metals strategist at Jefferies, as saying.