Wave of optimism spreads over copper market

Copper Investing News reports copper price has risen to about 28% as compared to last year’s fall of 54%.

China’s State Reserve Bureau (SRB) purchases are the main reason copper has been so resilient this year. Now, rumour has it that China will purchase even more of the industrial metal for its stockpiles. The SRB may raise purchases to 1 million tonnes from 600,000 tonnes; this volume would easily turn the projected global surplus of 350,000- 400,000 tonnes this year, into a deficit. Out of all the metals, copper is positioned to benefit most from China’s stimulus plans.

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