Swapping aluminum for copper will maintain China’s resources, group says
China depends on overseas imports for 60% of its aluminum resources as opposed to 70% of its copper resources.
The copper price rose on Tuesday due to a softer dollar, although data from top consumer China signaling weak activity capped gains as the market looked ahead to the US inflation data that could yield clues to US interest rates.
Copper for delivery in May on the Comex market in New York touched $4.05 per pound ($8,910 per tonne), up 2% compared to Monday’s closing.
[Click here for an interactive chart of copper prices]
US consumer price inflation data is due on Wednesday, while the US Federal Reserve’s decision on interest rates will be made at its meeting on May 3.
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