LONDON: Prices for copper and other base metals rose in London on Wednesday after better-than-expected economic data from China brightened the demand outlook in the world’s top consumer.
Three-month copper on the London Metal Exchange rose 0.6% to $8,020 per metric ton in official open-outcry trading.
The growth-dependent metal, used in power and construction, is down 4.3% so far this year amid a patchy post-pandemic recovery in China, high global interest rates and soft demand conditions outside China.
Investor sentiment in the broader markets was fragile due to the risk of a widening conflict in the Middle East, which has translated into higher oil and gold prices. In China, investors are focused on the ability of the country’s biggest private property developer to service its debt.
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