London copper rises as traders bet on bullish demand outlook
- The most-traded June copper contract on the Shanghai Futures Exchange dipped 0.5% to 76,380 yuan ($11,887.94) a tonne, clawing back from early losses of 2.5%.
HANOI: London copper prices climbed on Tuesday, as traders bet on demand prospects from metal-reliant renewable energy and electric vehicles (EV) sectors and as the global economy steadily recovers from the fallout of the COVID-19 pandemic.
Three-month copper on the London Metal Exchange was up 1% at $10,490 a tonne, as of 0538 GMT, inching closer to a record peak of $10,747.50 notched in the previous session.
The most-traded June copper contract on the Shanghai Futures Exchange dipped 0.5% to 76,380 yuan ($11,887.94) a tonne, clawing back from early losses of 2.5%.
"The continued strengthening of the global economy, at the same time as governments are intent on increasing stimulus measures is driving sentiment higher," said ANZ analysts in a report.
"Copper is also attracting interest from investors looking to benefit from the new energy sector, with demand from the renewable energy and EV sector expected to boost demand," they added.
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