Zambia looks to UAE and Saudi Arabia to back copper expansion
The African nation aims to increase copper output to a record above 1 million tons this year.
Copper headed for an eighth day of gains, its longest winning streak since 2017, as fresh economic data from China brightened the demand outlook in the top metals-consuming nation.
The industrial metal was poised for a second weekly advance after 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 stabilisation in the property sector, a pillar of demand for industrial metals from copper to steel.
Copper, which finished last year up 2.4%, has gained about 6% so far in 2025, leading the six industrial metals on the London Metal Exchange higher amid signs of demand recovery in China. It’s 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 rose 0.4% to $9,267 a ton in London as of 10:52 a.m. in Shanghai, to be up 1.9% this week. Other metals were flat to higher, with zinc rising 0.7% and aluminum gaining 0.2%.
Iron ore was little changed at $102.70 a ton in Singapore. It was up 5.7% for the week, the most since October. Chinese iron-ore and steel futures also rose, after data Friday showed the country’s steel output held above 1 billion tons for a fifth year.
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