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)
