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HomeBusinessCOPPER PRICE REBOUNDS ON HOPES OF IMPROVING DEMAND IN CHINA

COPPER PRICE REBOUNDS ON HOPES OF IMPROVING DEMAND IN CHINA

The copper price rose on Thursday on hopes of improving demand in China amid reports of potential easing in its covid-19 restrictions.

Copper for delivery in December rose 1.8% on the Comex market in New York, touching $3.43 per pound ($7,964 per tonne).

The most-traded November copper contract on the Shanghai Futures Exchange was almost unchanged at 62,220 yuan ($8,602.60) a tonne.

China is considering a cut in the duration of quarantine for inbound visitors from 10 to seven days, Bloomberg News reported, citing people familiar with the matter.

“(It is) sentiment-driven. If they cut quarantine, at least it brings us closer to a reopening, which will have a powerful impact since China consumes a lot,” said Marex analyst Zenon Ho.

The global copper market is expected to see a deficit of about 325,000 tonnes this year and a surplus of 155,000 tonnes in 2023, the International Copper Study Group said on Wednesday.

(With files from Reuters)

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