Copper in longest winning streak since 2017 on China demand hopes
Copper was poised for a second weekly advance after data showed China’s GDP in 2024 expanded 5%.
Aluminum headed for a strong weekly gain, boosted by signs of rebounding metals demand in China and indications that Beijing’s efforts to revive growth are paying off.
Data released Friday showed China’s gross domestic product in 2024 expanded 5%, meeting the government’s target. A stimulus push turbocharged activity in the final quarter with growth of 5.4% — the fastest pace in six quarters and beating economists’ median forecast.
The country’s industrial production and retail sales also beat estimates and home prices declined at a slower rate in December, reflecting signs of stabilization in the property sector, a pillar of demand for industrial metals from copper to steel.
Aluminum rose as much as 1.6% to $2,678 a ton on the London Metal Exchange, reaching its highest level since late November. Prices were trading at $2,672 a ton as of 1:58 p.m. local time, heading for their best week since late September with a 3.9% gain.
Copper also moved higher after the data, before erasing gains as trading progressed on the London Metal Exchange. The metal, which finished last year up 2.4%, has gained about 4.5% so far in 2025, rallying alongside aluminum and nickel on indications of a demand recovery in China.
Copper has also seen a widening price gap with futures on New York’s Comex, as traders react to President-elect Donald Trump’s tariff threats.
Copper was 0.9% lower at $9,145.50 a ton on Friday, paring a weekly gain. Zinc climbed 1.3%, while lead and tin slipped.
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