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Markets

Copper rises as US stimulus optimism raises demand, recovery hopes

  • A $1.9-trillion COVID-19 aid package could be passed by US lawmakers as soon as this month just as coronavirus vaccines are being rolled out globally.
08 Feb 2021

HANOI: Copper prices rose on Monday as optimism around a US stimulus raised hopes of better demand for metals and a recovery in the world's biggest economy.

Copper is often used as a gauge of global economic health.

Three-month copper on the London Metal Exchange rose 1% to $7,990 a tonne by 0314 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange advanced 1.6 to 58,810 yuan ($9,107.24) a tonne.

A $1.9-trillion COVID-19 aid package could be passed by US lawmakers as soon as this month just as coronavirus vaccines are being rolled out globally.

LME aluminium rose 0.2% to $2,020 a tonne, nickel increased 0.3% to $18,080 a tonne and tin advanced 0.3% to $23,190 a tonne.

ShFE aluminium rose 1.3% to 15,655 yuan a tonne, nickel gained 1.4% to 133,210 yuan a tonne while tin jumped 1.6% to 166,870 yuan a tonne.