Copper rises on low stocks, solid Chinese demand

Author: Agencies

Copper prices gained on Friday as low inventories in exchange warehouses, disrupted ore supplies and solid economic recovery in top consumer China lent support.

Three-month copper on the London Metal Exchange advanced 0.7% to $6,610 a tonne by 0331 GMT, while the most-traded October copper contract on the Shanghai Futures Exchange fell 0.8% to 51,500 yuan ($7,526.38) a tonne, tracking overnight losses in London. Data this week showed solid growth in China’s manufacturing and services sectors, boosting hopes that the world’s second biggest economy is recovering from the COVID-19 pandemic.

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