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.
Copper price rose on Monday supported by a weak US dollar and hopes of better demand after China’s pledge to boost its economy and real estate sector.
Copper for delivery in March rose 0.3% on the Comex market in New York, touching $3.81 per pound or $8,382 per tonne.
[Click here for an interactive chart of copper prices]
The most-traded January copper contract on the Shanghai Futures Exchange added 0.8% to 66,010 yuan a tonne as of 0614 GMT.
The dollar slid against most currencies on Friday as data signaled that the US economy is cooling a bit, reinforcing expectations of smaller interest rate increases from the Federal Reserve and improving investors’ risk appetite.
Raising hopes of policy support, a top advisor to the People’s Bank of China on Saturday called for the strengthening of real estate policy in light of sluggish economic growth over the past several years.
Amid a new wave of infections, however, China’s National Health Commission said it would stop publishing daily case numbers for the coronavirus, complicating investors’ task to assess the economic impact.
(With files from Reuters)
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