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Copper Gains Due To Hopes Of China Implementing Measures To Stabilize Its Economy.
Copper closed higher by 0.38% at 734.75, buoyed by expectations of additional measures from China to stabilize its economy and stock markets. However, gains were tempered by weak demand. The recent liquidation order for debt-laden developer China Evergrande intensified concerns about the downturn in China’s real estate sector, impacting investor confidence. Despite these challenges, copper prices found support from worries over supply disruptions in mines, prompting them to revise their forecasts from surpluses to deficits for the current year. The Yangshan premium, an indicator of Chinese demand for imported copper, has witnessed a 50% decline since early December, reflecting the weakening appetite for the metal in China.
