The most-traded January copper contract on the Shanghai Futures Exchange climbed 0.9 percent to 47,070 yuan(7,695) a tonne on Wednesday after lodging its biggest one-day advance in two months as prospects of fresh policy measures in Europe and China, and further signs of economic revival in the United States underpinned prices.
Fresh liqudity measures in Europe and prospects of further policy fine tuning in China are buttressing metals prices, even as the US economy picks up. "Our economists expect China's policy makers to focus on lowering funding costs, supporting infrastructure investment and stabilising housing demand,' said analyst Joel Crane of Morgan Stanley in Melbourne. "All three of those things are positive commodities."