London copper rises on weaker dollar, China stimulus hopes

BEIJING: London copper prices advanced for a second straight session on Wednesday, as a weaker dollar made the base metal cheaper for holders of other currencies, and indications of more stimulus from top consumer China buoyed investor sentiment.

In a sign of improving liquidity, Chinese banks extended far more new loans in December than expected, bringing last year's tally to a record $2.4 trillion.

Visible copper stocks around the world are "relatively low" and could support prices, brokerage GF Futures said in a note, but warned that Chinese copper demand could still take a turn for the worse.

China copper import premiums have risen to $73 a tonne from an 18-month low of $62.50 in early December, indicating greater near-term demand for the physical metal.