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Copper Gains Amid Falling Inventory, Expectations Of Economic Support From China.
Copper demonstrated strength with a 1.18% gain, settling at 723.2, buoyed by diminishing inventory levels and expectations of increased economic support from China, the top consumer of the metal. The prospect of additional support from the Chinese government, potentially in the form of measures to boost consumption, has fueled optimism for heightened demand in the country’s base metals sector.
Copper’s positive momentum was further accentuated by a substantial reduction in LME-registered warehouse inventories, reaching a six-month low at 132,525 tonnes. In the global economic landscape, U.S. consumer prices surpassed expectations in January, causing a reassessment of the pace and scale of potential interest rate cuts.
