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Investing.com -- Copper prices are on the rise, nearing a five-month high, following China’s commitment to stimulate consumption.
The Chinese government, over the weekend, introduced a unique action plan aimed at fostering demand. This move comes as China, the world’s biggest consumer of the metal, is experiencing accelerated consumption growth at the start of the year.
So far this year, the industrial metal has seen an approximate 12% increase, as US President Donald Trump’s tariffs have introduced volatility to a market already dealing with a mine supply deficit.
On the London Metal Exchange, Copper experienced a 0.3% increase, reaching $9,810.50 a ton at 8:01 a.m. local time, after peaking at 0.7% earlier. On Friday, prices reached $9,850, the highest since October.
Government data shows that Chinese aluminum production increased 2.6% to 7.32 million tons in the first two months of the year, or a record high of 124,068 tons a day.
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